Global defense equipment makers saw a 4.2% increase in arms sales in 2023

From Investing.com: 2024-12-01 18:11:38

The world’s top 100 defense equipment makers saw a 4.2% increase in arms sales in 2023, reaching $632 billion, driven by wars and regional tensions, according to SIPRI. U.S. groups on the list increased sales by 2.5% to $317 billion, while European companies had roughly unchanged sales at $133 billion.

Arms sales rose after a 3.5% dip in 2022 due to labor shortages and supply-chain disruptions. SIPRI attributed the increased demand to Russia’s invasion of Ukraine. Global military spending also saw a 7% increase in 2023, the largest since 2009, with smaller producers responding more efficiently to new demand.

Russian groups on the list, including state-owned Rostec, saw a 40% rise in combined arms sales to $26 billion. SIPRI researcher Lorenzo Scarazzato noted that top arms producers are recruiting more employees, indicating optimism for future sales amid high demand from wars in Gaza and Ukraine, tensions in East Asia, and rearmament programs.



Read more at Investing.com: World’s top 100 defence groups boost arms sales by 4% in 2023, think tank SIPRI says By Reuters