Europe’s Defense Industry Grew by Nearly 14% in 2024

The European defense sector grew by 13.8% in 2024 from the previous year to generate €183.4 billion ($213 billion) in turnover, according to a report published Tuesday by the Aerospace, Security and Defense Industries Association of Europe.

This jump — the fourth consecutive rise — is the result of years of underinvestment followed by rising budgets since Russia’s full-scale invasion of Ukraine, according to the report. Employment in the sector has also grown by 8.6% to 633,000 jobs.