COPENHAGEN, Dec 2 — The world's 100 largest armaments companies saw a significant surge in weapon sales last year, driven by the conflicts in Ukraine and Gaza, along with broader global tensions, reported the German Press Agency (dpa).
According to a report published on Monday by the Stockholm International Peace Research Institute (SIPRI), total revenues in 2023 across the 100 companies rose by 4.2 per cent, adjusted for currency fluctuations, totalling US$632 billion (RM2.82 trillion), following a decline the previous year.
Arms revenues refer to revenues generated from the sales of military goods and services to military customers domestically and abroad.
It noted that many arms companies had ramped up production to meet the rising demand for weapons and forecasted that the upward trend in arms sales is likely to continue in 2024.
United States-based companies accounted for nearly half of the global arms revenue, a 2.5 per cent increase to US$317 billion (RM1.41 trillion).
SIPRI also noted significant growth in arms companies from Russia and the Middle East.
German arms companies in the top 100, four in total, saw a 7.5 per cent increase in revenue, combining for US$10.7 billion (RM47.7 billion).
— Bernama
