• SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

  • Platinum handshake

    Officials who try to do what's right risk far more than blessed wrongdoers, says Solly Moeng.

All data is delayed
Loading...
See More

Crisis-hit arms market shrinks

Feb 18 2013 08:16
AFP

Stockholm - For the first time since the mid-1990s, sales of the 100 biggest arms dealers excluding China declined in 2011 as the economic crisis prompted budget cuts, a Stockholm-based think tank said on Monday.

The 100 companies' total sales declined, including inflation, by five percent from the previous year, the first time a drop has been registered since 1994, the Stockholm International Peace Research Institute (SIPRI) said.

Even excluding inflation, the total fell, to €307bn from €412bn in 2010.

"Austerity policies and proposed and actual decreases in military expenditure as well as postponements in weapons programme procurement affected overall arms sales in North America and Western Europe," SIPRI said in a statement.

Troop drawdowns in Iraq and Afghanistan and sanctions on arms transfers to Libya also played a role in the decline, it added.

Proposed austerity measures "have led some companies to pursue military specialisation, while others have downsized or diversified into adjacent markets" such as security and in particular cyber security, the think tank said.

The SIPRI figures do not include China due to a lack of reliable data. Chinese companies supply a military that enjoys the world's second-biggest budget.

The list of top 100 arms-producing companies is dominated by American and European companies, which respectively hold 60% and 29% of the global market and together hold the top 17 spots on the list.

US group Lockheed Martin is number one, with sales of $36.3bn in 2011, ahead of another US group, Boeing, and BAE Systems of Britain in third place.

The think tank, which is specialised in research on conflicts, weapons, arms control and disarmament, was created in 1966 and is 50% financed by the Swedish state.

It defines arms sales as "sales of military goods and services to military customers, including both sales for domestic procurement and sales for export."

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

arms

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...