Norway to hike defence budget by $11 bn over 10 years

Norway said Friday it was increasing its defence budget by $11 billion over the next decade, citing a deteriorating security situation.

Prime Minister Jonas Gahr Store told a press conference this would raise the figure from 112 billion kroner to over 190 billion kroner by 2035. Store said the move would put Norway on track to reach NATO's target of defence spending of 3.5 percent of GDP.

In a statement, the government outlined several priorities, including plans for new submarines and frigates and upgrades of critical defence infrastructure. It said Norway would also seek to strengthen electronic warfare capabilities, short-range air defence and autonomous systems.