Defense spending

Defense spending by European NATO countries to rise in 2017

Total defense expenditures by NATO members in Europe and Canada are projected to rise in 2017, according to a report released by NATO on Thursday.

The report indicates a boost of 4.3 percent in overall spending by non-U.S. NATO members, marking the sharpest rise in years.

NATO Secretary General Jens Stoltenberg told reporters Thursday that the new money represents "a significant increase," and that "European Allies and Canada spent almost $46 billion more on defense" since 2014.

"We are moving in the right direction when it comes to burden-sharing and defense spending," he added.

NATO defense spending is expected to total $915 billion in 2017 in constant 2010 prices and exchange rates, with the U.S. accounting for $616 billion of that total. The U.S. spends nearly twice as much on defense as the rest of NATO combined.