Europe defense spending set to fall in '09
Defense spending among European nations is projected to fall this year because of the financial downturn before rebounding in 2010, according to a Tuesday report from Jane's Industrial Quarterly. For 2009, Europe will spend 1.3%, or roughly $4 billion less on weapons and armaments compared to a year ago, ringing up $302.6 billion in sales, Jane's said. Spending should then bounce back in 2010, rising 7.8% to $326 billion, the research firm said. "Tough times lie ahead for Europe's defense industries, however, as procurement budgets are expected to decrease by 4% in 2009 to $52.89 billion," Jane's said. "This is due to shifting national priorities towards preserving jobs and maintaining current capabilities at the expense of investment in new programs."
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