Global defense expenses up 4% in 2019: Report

ISTANBUL

The world's defense expenses rose 4% in 2019, compared to the previous year, a report released by the International Institute for Strategic Studies (IISS) revealed on Friday.

The report -- Military Balance 2020 --, which was revealed at the Munich Security Conference, showed the year 2019 posted the largest annual increase in defense spending during the last decade.

"The Military Balance 2020 also concludes that defense spending in Europe reached levels not seen since before the financial crisis, increasing by 4.2% when compared with 2018," the institute's press release said.

Defense spendings soared 6.6% both in the U.S. and China, according to the press release. "Although both countries continued to increase the amount they spend, defense spending growth is accelerating in the U.S., while it is slowing in China."

The report also said that overall defense expenses jumped over 50% from $275 billion in 2010 to $4324 billion in 2019 in the Asia continent.

The institute prepares the report annually based on its global survey with 171 countries.