Global Defense Spending Falls as U.S. Cuts Outpace China Growth
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Global defense spending contracted for the first time in 15 years last year as U.S. and European cuts exceeded rising outlays in China and Russia, the Stockholm International Peace Research Institute said.
In the first decline since 1998, states spent $1.75 trillion on defense last year, or 0.5 percent less in real terms than in 2011, the research group said in a report today.