Weapons sales increase 8% at biggest firms
Source: Agencies |
February 22, 2011, Tuesday
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Print Edition
ARMS sales at the 100 biggest arms makers grew 8 percent in 2009, adjusted for currency fluctuations, to US$401 billion, defying the global downturn, the Stockholm International Peace Research Institute said yesterday.
This was the highest sales figure since the think-tank, which conducts independent research on international security, armaments and disarmament, started its annual studies in 2002.
"Despite the continuing global economic recession in 2009, the total arms sales of the SIPRI Top 100 of the world's largest arms-producing companies increased by US$14.8 billion from 2008," SIPRI said in a statement.
Seventy-eight of the firms were based in either the US or western Europe, generating 92 percent of the sales.
US firm Lockheed Martin, the previous year's second-biggest, displaced BAE Systems from the top spot, SIPRI said, leaving the British group at number two.
US-based Boeing remained third, followed by domestic peers Northrop Grumman and General Dynamics.
Susan Jackson, arms industry expert at the institute, said sales growth has accelerated steadily since 2005, when it was 2 percent.
"We didn't think the arms industry would feel an immediate impact from the financial crisis," she said, pointing to long delivery times and long-running contracts with governments.
SIPRI said in June that overall worldwide military spending surged to a record US$1.5 trillion in 2009.
This was the highest sales figure since the think-tank, which conducts independent research on international security, armaments and disarmament, started its annual studies in 2002.
"Despite the continuing global economic recession in 2009, the total arms sales of the SIPRI Top 100 of the world's largest arms-producing companies increased by US$14.8 billion from 2008," SIPRI said in a statement.
Seventy-eight of the firms were based in either the US or western Europe, generating 92 percent of the sales.
US firm Lockheed Martin, the previous year's second-biggest, displaced BAE Systems from the top spot, SIPRI said, leaving the British group at number two.
US-based Boeing remained third, followed by domestic peers Northrop Grumman and General Dynamics.
Susan Jackson, arms industry expert at the institute, said sales growth has accelerated steadily since 2005, when it was 2 percent.
"We didn't think the arms industry would feel an immediate impact from the financial crisis," she said, pointing to long delivery times and long-running contracts with governments.
SIPRI said in June that overall worldwide military spending surged to a record US$1.5 trillion in 2009.
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