Military spending around the world increased 3.4 percent in 2005 and reached new record, according to a report published by the Stockholm International Peace Research Institute (SIPRI) on Monday.

The world military expenditure in 2005 increased 33 billion US dollars, and the United States accounted for about 80 percent, or 26 billion dollars, of the total increase, the institute said.

Last year, a total of 1.118 trillion dollars was spent on military expenditure around the world, which equals 173 dollars per capita.

The United States accounted for 48 percent of all military spending, an increase of 1 percent from 2004, as its costly campaigns in Iraq and Afghanistan continued, the institute said.

Source: Xinhua