Military spending dropped in 2012 thanks to deep cuts in the United States and Europe, which made up for increases in countries such as China and Russia. Military expenditure as a whole fell 0.5% to $1.75 trillion last year in the first decline in real terms since 1998. Today’s graphic breaks down military spending by region and shows the top spenders by value and percent of GDP.

China will raise military spending by 10.7% this year to 740.6 billion yuan ($119 billion). China’s defense spending is contained at about 5.4% of total expenditure, up from 5.3% last year, and remains at about one-fifth of the Pentagon’s spending. Today’s graphic shows the gradual increase in China’s defense budget and how it compares to other types of spending.

Get to know the interconnected powers that lead China today.

Today’s graphic compares the G8 economies with three important indicators. See how the countries match up with regard to GDP growth (Q4 2011), government debt (as a % of GDP) and military spending (% of gov’t expenditure). Do any of the figures in this chart stand out or surprise you?