Arms producers saw revenue up in 2023 with the wars in Ukraine and Gaza, a new report says

STOCKHOLM, Sweden (AP) — A new report says major companies in the arms industry saw a 4.2% increase in overall revenue in 2023 with sharp rises for producers based in Russia and the Middle East. The report by the Stockholm International Peace Research Institute says revenues from the top 100 arms companies totaled $632 billion last year in response to surging demand related to the wars in Ukraine and Gaza. The slowest revenue growth in 2023 was in the European arms industry, excluding Russia.