Global defense expenditure was estimated to have been up 1.3% to $1,630 billion in 2010, according to the Stockholm International Peace Research Institute (SIPRI).

The U.S. now accounts for 43% of global defense spending, but in Europe military spending dropped 2.8% on account of the global recession. Germany and Italy have shown significant declines in their defense budget.

In a new report Nomura, via SIPRI, has highlighted countries that have massively boosted military spending. We featured the 11 countries that have increased the spending the most between 2001 and 2010, the drag on GDP in 2010, and even highlighted some of their major arms suppliers.