France will reach NATO defense spending target in 2024

France will reach NATO's target of spending 2 percent of GDP on defense in 2024, hitting the goal earlier than previously forecast, French Armed Forces Minister Sébastien Lecornu announced today.

Paris is dramatically increasing spending. In 2017, France spent €30 billion on its military but it "will eventually reach €69 billion, which allows me to confirm that France will meet the 2 percent target set by NATO this year," he said, speaking ahead of a NATO defense ministers meeting in Brussels.

The French defense budget this year is €47.2 billion and is expected to steadily increase in the next years under the country's seven-year military planning law.

According to previous forecasts, France was initially slated to spend 1.94 percent of GDP in its defense budget in 2024 and wasn't expected to reach the 2 percent figure before 2025 at the earliest.

On Wednesday, NATO Secretary-General Jens Stoltenberg announced that 18 NATO member countries are on track to reach the alliance's spending target. He called on the 13 others to help achieve a "fair" burden sharing with the U.S.

Lecornu said that earmarking 2 percent of GDP for defense is not enough, as that money also has to be directed toward buying more kit. NATO has a target of 20 percent of defense funds going for that purpose while France already spends 30 percent.

"We need to look at the actual share of investment in equipment," Lecornu said.