15 Nov 2017 16:49

Russia's defense spending tops 5.3% of GDP, near $70 bln - PwC

MOSCOW. Nov 15 (Interfax) - Russia ranks seventh among the world's major defense-industry players, with defense expenditures totaling $69.2 billion, PricewaterhouseCoopers (PwC) said in a statement regarding its second Global Defense Perspectives report.

In the current rating, Russia occupies seventh place; its defense expenditures amount to 5.32% of GDP and total $69.2 billion. It has moved up one position since the previous study was conducted in 2015, PwC said.

Experts assessed the 71 biggest defense-industry powers of the world, it said.

The study showed that the U.S.'s defense budget is again growing; its figures are nearly ten times bigger than Russia's.

The U.S. increased its defense budget by 1.7% to $611 billion in 2016 after a series of reductions, PwC said.