Prime Minister Pedro Sánchez said Spain will meet NATO’s defense spending target this year as pressure grows on the eurozone’s fourth-largest economy and NATO laggard to boost its military expenditure.

Spain will meet NATO's target of spending 2% of gross domestic product on defence this year, much earlier than its previous self-imposed deadline of 2029, Prime Minister Pedro Sanchez said on Tuesday.

The Spanish government will increase its spending on defense to the equivalent of 2% of its economic output this year.