Sweden's supreme commander says defence spending to reach 2% of GDP by 2026

FILE PHOTO: Supreme Commander of the Swedish Armed Forces, General Micael Byden holds a news conference after the Swedish government announced it has decided to apply for NATO membership, in Stockholm, Sweden, May 16, 2022. TT News Agency/Claudio Bresciani via REUTERS

STOCKHOLM (Reuters) - Rising prices and a weak currency mean Sweden will reach the NATO target for defence expenditure of 2% of GDP by 2026, two years earlier than previously planned, Sweden's supreme commander said on Tuesday.

Sweden and Finland applied to join NATO in the summer as a direct consequence of Russia's invasion of Ukraine. The two Nordic countries membership has been approved by 28 of NATO's 30 members.