Sales of the world's biggest arms makers soar

According to RIA Novosti, data released on December 2 by the Stockholm Peace Research Institute (SIPRI) showed that the revenue of the world's 100 largest arms companies increased by 4.2% in 2023 compared to 2022.

“The revenue of the 100 largest companies in the industry from the sale of arms and the provision of military services in 2023 will reach $632 billion, in real terms 4.2% higher than in 2022,” SIPRI said.

According to the institute, the growth in the company’s revenue from arms sales was recorded “in all regions”, especially in Russia and the Middle East. At the same time, small companies in the industry responded “more effectively” to the needs of the military-industrial complex due to military conflicts in Ukraine and the Gaza Strip, “increased tensions in East Asia” as well as rearmament programs in other parts of the world.

The upward trend in arms sales is likely to continue through 2024, according to Lorenzo Scarazzato, a fellow at SIPRI’s Arms and Military Expenditure Programme. “The sales of the top 100 gun manufacturers have yet to fully reflect the scale of demand, and many companies have started hiring, which suggests optimism about future sales,” he said.

In December 2023, the Financial Times reported that the order book of the world's largest defense companies, amid rising tensions in the world, reached a record high, increasing by more than 10% within 2 years.