Norway intends to increase defense and security spending overall to 5 percent of GDP, in line with the planned common goal among NATO countries.
Norwegian Prime Minister Jonas Gahr Støre said at a press conference on Friday: "We need to make more efforts to secure our country and contribute to our shared security with our NATO allies."
He added: "Norway's security lies in having reliable defense, with the right equipment, a sufficient number of personnel, and good plans."
Norway, which shares a border with Russia, plans to spend 3.5 percent of its GDP on conventional defense, including its financial support for the Ukrainian army, and an additional 1.5 percent on broader security, in line with Rutte's proposal, he said.
The Prime Minister stated that the Scandinavian country is likely to reach the spending target of 5 percent sometime after 2030, depending on the decisions made at the NATO summit next week.
When asked about Spain's request to withdraw from the NATO plan of 5 percent, Støre said he assumed that consensus would be reached at the summit next week.
Europe is rushing to bolster its defenses against any potential Russian attack, after the administration of U.S. President Donald Trump made it clear that the United States is no longer willing to be the main guarantor of Europe's security.
NATO Secretary General Mark Rutte suggested that each member state agree on a goal of spending 5 percent of its GDP on defense and broader security measures during its meeting on June 24 and 25 in The Hague.
The Norwegian statistics agency reported in April that Norway spent an estimated 2.2 percent of its GDP on defense in 2024, up from its lowest level of 1.4 percent in 2022, and the government said in May that it aims to spend 3.3 percent in 2025.
Norway is the only country in Europe that can finance increased military spending without needing to borrow more, as it has a sovereign wealth fund worth $2 trillion, the largest in the world, at its disposal.