Global arms sales surged 4.2% in 2023, reaching $632 billion, driven by conflicts, rearmament, and geopolitical tensions, a SIPRI report reveals.
Global arms sales by the top 100 manufacturers rose by 4.2% year-on-year to $632 billion in 2023, according to a SIPRI report.
Companies in Russia and the Middle East recorded the sharpest revenue increases, driven by heightened demand linked to conflicts in Gaza and Ukraine, East Asian tensions, and global rearmament efforts.
Nearly three-quarters of the top arms producers reported growth, with revenues recovering after a dip in 2022. However, firms like Lockheed Martin and RTX faced declines due to supply chain issues affecting aeronautics and missile production.
US-based companies, accounting for 50% of global arms revenues, reached $317 billion, while European producers saw marginal growth, focusing on older contracts. In contrast, Germany, Sweden, and Eastern European manufacturers experienced significant gains due to the Ukraine war’s demand for munitions and defence systems.
Russian companies saw a 40% increase in revenue to $25.5 billion, with Rostec leading the surge through increased production and modernisation of military equipment. Asian arms makers reported a 5.7% revenue hike to $136 billion, driven by South Korea and Japan’s military build-ups.
Middle Eastern firms grew by 18% to $19.6 billion, with Israeli arms producers setting revenue records amid the Gaza conflict. Türkiye's Baykar, known for UAV exports, saw its revenues rise by 25% to $1.9 billion, with exports constituting 90% of sales.
SIPRI anticipates continued growth in 2024 as demand intensifies across regions.
Sales of electric and hybrid vehicles in China saw a strong year-on-year growth in May, boosted by government-backed trade-in programs designed to stimulate domestic consumption.
U.S. retail sales in February edged up by 0.2% as consumers pulled back on discretionary spending, signaling cautious optimism amid a broader economic backdrop marked by tariffs and federal workforce cuts.
UK retail sales unexpectedly fell 0.3% in December, following a revised 0.1% rise in November. The decline, driven by weak food sales, adds to concerns about the economy and raises expectations for a Bank of England interest rate cut next month.
A last-minute shopping surge and heavy discounts drove U.S. holiday sales higher than expected, rising 3.8% from last year, according to Mastercard SpendingPulse.
Toyota’s global production declined for the 10th consecutive month in November, down 6.2% year-on-year. However, the automaker saw a 1.7% increase in worldwide sales, marking the second consecutive month of growth.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometers north of Baghdad.
Three explosions were heard in Tehran early Tuesday, shortly after the Israeli army issued an evacuation alert for the city’s Seventh District, warning of possible strikes..
U.S. President Donald Trump says Iran and Israel have agreed to a complete ceasefire that will end the 12-day war between the two countries.
UK Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskyy met in London on Monday and signed a new agreement aimed at increasing Ukraine’s production of unmanned aerial vehicles (UAVs).
Iran launched 18 ballistic missiles late Sunday targeting the U.S. military’s Al-Udeid Air Base in Qatar, the largest American installation in the Middle East.
Iranian missiles struck multiple locations across Israel and neighbouring regions early Friday morning, including a Microsoft office complex, according to emergency responders and local media reports.
A high-speed tram derailment in central Gothenburg, Sweden, has left at least eight people injured late on Thursday (19 June), after the vehicle slammed into a snack bar on Avenyn Avenue.
China has unveiled a mosquito-sized bionic drone designed for covert military operations and battlefield reconnaissance, marking a major advance in micro-robotics and stealth technology as part of the country’s growing focus on next-generation warfare capabilities.
Wizz Air has suspended all flights to and from Tel Aviv, Israel, and its European services to Amman, Jordan, effective immediately until 15 September due to escalating situation in the Middle East. Also, the air carrier temporarily suspended its flights between Astana, Kazakhstan, and Abu Dhabi.
Goldman Sachs economists have warned that any significant disruption to oil shipments through the Strait of Hormuz could push Brent crude prices over $100 per barrel, potentially causing a sharp rise in transport costs, inflation, and slowing global growth.
The UK government announced plans to cut green levies on thousands of businesses, aiming to reduce soaring energy costs and boost the manufacturing sector, particularly in Labour strongholds.
Germany’s federal government spent over 1.2 billion euros on software, licenses and IT services in 2024, more than 25% higher than the previous year.
Japan’s core inflation rose to a more than two-year high in May, exceeding the central bank’s 2% target for over three years and increasing pressure on the Bank of Japan (BOJ) to resume rate hikes.
Two Nigerian communities will take Shell to trial in the UK in 2027 after winning a court ruling over Niger Delta oil pollution.
Iranian Deputy Foreign Minister Abbas Araghchi says there is no ceasefire agreement with Israel, directly rejecting U.S. President Donald Trump’s earlier claim of a truce between the two countries.
Three powerful explosions were reported early Tuesday at Al-Taji military base, about 30 kilometers north of Baghdad.
Three explosions were heard in Tehran early Tuesday, shortly after the Israeli army issued an evacuation alert for the city’s Seventh District, warning of possible strikes..
U.S. President Donald Trump says Iran and Israel have agreed to a complete ceasefire that will end the 12-day war between the two countries.
UK Prime Minister Keir Starmer and Ukrainian President Volodymyr Zelenskyy met in London on Monday and signed a new agreement aimed at increasing Ukraine’s production of unmanned aerial vehicles (UAVs).
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