Top 100 arms makers see 4.2 percent revenue increase in 2023 amid geopolitical tensions
Date
12/2/2024 7:18:08 AM
(MENAFN) Sales profit for the world's top 100 arms makers increased by 4.2% year-on-year, reaching $632 billion in 2023, according to a report from an international think tank released on Monday.
While arms revenue growth was reported in all regions, companies in Russia and the Middle East saw particularly sharp increases, reflecting rising demand driven by ongoing conflicts and geopolitical tensions, the Stockholm International Peace Research Institute (SIPRI) noted in its report.
Smaller producers have been more responsive in meeting the surge in demand caused by the wars in Gaza and Ukraine, rising tensions in East Asia, and global rearmament efforts, SIPRI explained.
The total arms revenues of the world's top 100 companies rebounded in 2023 following a decline in 2022, with nearly three-quarters of the companies reporting year-on-year growth.
"There was a marked rise in arms revenues in 2023, and this is likely to continue in 2024," said Lorenzo Scarazzato, a researcher with the SIPRI Military Expenditure and Arms Production Program.
"The arms revenues of the top 100 arms producers still did not fully reflect the scale of demand, and many companies have launched recruitment drives, suggesting they are optimistic about future sales," Scarazzato added.
MENAFN02122024000045016755ID1108946142
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.