Devdiscourse News Desk | Stockholm | Updated: 01-12-2025 06:40 IST | Created: 01-12-2025 06:40 IST
The world’s largest weapons manufacturers experienced a 5.9% boost in revenue from arms and military services sales last year, driven mainly by ongoing conflicts in Ukraine and Gaza, as well as increasing military expenditures, a SIPRI report has disclosed.
The revenues from the 100 leading arms makers soared to $679 billion in 2024, marking the highest level recorded by SIPRI. While European and U.S. firms mostly contributed to this uplift, there was a slight dip in Asia and Oceania due to issues in China’s arms industry.
European arms revenues rose by 13% to $151 billion, paralleling heightened military spending linked to the Ukraine conflict. However, China faced a 1.2% revenue drop attributed to corruption allegations. Meanwhile, Israeli companies saw a 16% revenue surge, unaffected by Gaza conflict backlash.
(With inputs from agencies.)
