World military spending declines

Global military spending dropped in 2012 for the first time in more than a decade thanks to deep cuts in the United States and Europe which made up for increases in countries such as China and Russia, a leading think-tank said yesterday. Military expenditure as a whole fell 0.5 per cent to $1.75 trillion (£1.14 trillion) last year in the first decline in real terms since 1998, the Stockholm International Peace Research Institute (SIPRI), said.