Venezuela ranks third in Unasur's military expenditure

Brazil and Colombia ranked first and second in military expenditure out of the 12 member countries of the Union of South American Nations (Unasur) between 2006 and 2010, according to a report issued by Unasur s Center for Strategic Defense

EL UNIVERSAL

Friday May 11, 2012 02:42 PM

The twelve member countries of the Union of South American Nations (Unasur) spent USD 126.11 billion in military expenditures between 2006 and 2010. Brazil (43.7%) and Colombia (17%) ranked first and second on the list, reported the intergovernmental union based in Quito.

Venezuela ranked third (10.7%), followed by Chile (9%), Argentina (8.3%), Ecuador (4.5%), Ecuador and Peru (4%).

The military expenditure of Unasur countries (Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay and Venezuela) almost doubled, from USD 17.65 billion in 2006 to USD 33.2 billion in 2010, according to Unasur, as reported by AFP.

Despite the increase in military expenditure throughout the period, "total defense spending in the region as a percentage of GDP remains stable over the five-year period, and averaged 0.91%," the document added.

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