Tรผrkiye has a new company among the world's top 100 weapons-producing companies, according to a report on Monday that showed global sales of arms and military services hit a new record last year, fed by wars and intensifying geopolitical tensions, but production issues hampered deliveries.
Revenues of the world's 100 largest arms makers rose 5.9% to $679 billion, the Stockholm International Peace Research Institute, or SIPRI, said, the highest level recorded since the think tank began tracking data. Over the 2015-2024 period, the figure increased by 26%, the report stated.
The bulk of the increase was down to companies based in Europe and the United States, but there were increases around the world โ except in Asia and Oceania, where problems in the Chinese arms industry led to a slight fall.
SIPRI said demand was fuelled primarily by the wars in Ukraine and Gaza, rising geopolitical frictions at global and regional levels, and steadily increasing military spending.
Many companies expanded production lines, b
Continue Reading on Daily Sabah
This preview shows approximately 15% of the article. Read the full story on the publisher's website to support quality journalism.