South Korea will increase defence spending by 5.3% in 2015 to KWN37.6 trillion (USD35.4 billion), according to figures released by the Ministry of Strategy and Finance in September.The increase, contained within the 2015 budget proposal, represents the fastest rate of growth in the defence budget since 2011 and will see defence spending rise marginally to 2.63% of GDP: its highest level since 2009. Growth in military expenditure had decelerated in each of the three previous years.
The increase is largely in line with wider growth in total government expenditures, which will rise by 5.7% under the new proposal, with about 10% of the total state budget being dedicated to defence.
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