Israel will increase its military spending by 6% this year, totaling $780 million, Prime Minister Benjamin Netanyahu said, ITAR-TASS reports.
The budget for 2012 is $13 billion. Defense Minister Ehud Barak noted that the military budget in 1968 was 17% of the nation's GDP.
The Israeli military said earlier that Israel and the US wiould hold large military drills in the near future. They said, however, that the planned exercies have nothing to do with recent Iranian missile tests.
