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.
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.
Toyota’s global output fell for the ninth month in a row in October, primarily due to lower production in the U.S. and China. However, the automaker saw a 1.4% rise in global sales, reaching a record 903,103 vehicles for the month.
Russia’s Defence Ministry reported that 162 Ukrainian drones were shot down overnight during what it described as a large-scale drone attack on its territory.
Poland's new president Karol Nawrocki won with 50.89%, setting up clashes with PM Tusk's pro-EU government on abortion, judiciary, Ukraine policy, and EU ties- threatening key reforms and deepening the nation’s political divide.
A political shift is brewing in Central Europe. Days after a right-wing Eurosceptic won Poland’s presidential race, Hungary is back in the spotlight. Its controversial Sovereignty Protection Act is raising fresh questions about foreign influence and the future of democracy in the region.
Russian stocks and the ruble fell as investors reacted cautiously to upcoming negotiations between Russia and Ukraine in Istanbul.
Turkish President Recep Tayyip Erdogan emphasized Türkiye and Azerbaijan’s strategic partnership in energy, highlighting their growing role in ensuring regional and European energy security.
On May 28, the inauguration ceremony of Lachin International Airport was held.
A car drove into crowds of Liverpool fans celebrating the club’s Premier League title in the city centre on Monday evening, injuring dozens including 4 children. A 53-year-old man believed to be the driver was arrested at the scene.
Taxi drivers across France are protesting government plans to cut payments for driving patients to medical appointments. These cuts are part of a broader effort by Prime Minister François Bayrou to save €40 billion in the 2026 budget and reduce the country’s large deficit.
EU ministers have greenlit a massive €150 billion defense investment fund—dubbed the Security Action for Europe (SAFE)—as the bloc ramps up its military readiness in response to Russia’s aggression and growing uncertainty over U.S. security guarantees.
Brazil’s economy is expected to have regained momentum in the first quarter of 2025, driven by a surge in household spending and private investment, according to a Reuters poll of economists conducted from May 21–26.
Switzerland’s economy outperformed expectations in Q1 2025, driven by a surge in exports to the United States and strong growth in the chemical and pharmaceutical sectors.
Russian stocks and the ruble fell as investors reacted cautiously to upcoming negotiations between Russia and Ukraine in Istanbul.
Asia’s manufacturing sector shrank in May as weak demand from China and rising U.S. tariffs hit exports and clouded the region’s economic outlook.
Germany’s economy may see growth in 2026, but only if the new coalition’s massive investment plan is effectively implemented, experts say.
President Donald Trump announced that he will increase steel tariffs from 25% to 50%, a move that could push up costs for industries relying on steel, including housing and auto manufacturing.
Russia’s Defence Ministry reported that 162 Ukrainian drones were shot down overnight during what it described as a large-scale drone attack on its territory.
Poland's new president Karol Nawrocki won with 50.89%, setting up clashes with PM Tusk's pro-EU government on abortion, judiciary, Ukraine policy, and EU ties- threatening key reforms and deepening the nation’s political divide.
A political shift is brewing in Central Europe. Days after a right-wing Eurosceptic won Poland’s presidential race, Hungary is back in the spotlight. Its controversial Sovereignty Protection Act is raising fresh questions about foreign influence and the future of democracy in the region.
Russian stocks and the ruble fell as investors reacted cautiously to upcoming negotiations between Russia and Ukraine in Istanbul.
Turkish President Recep Tayyip Erdogan emphasized Türkiye and Azerbaijan’s strategic partnership in energy, highlighting their growing role in ensuring regional and European energy security.
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