Europe's aerospace, defense turnover jumped 10.1% in 2024 to $378 billion

BRUSSELS - Europe's aerospace and defense industries grew sharply in 2024, with turnover up 10.1% to 325.7 billion euros ($378.04 billion) and direct employment hitting a record 1.1 million, Camille Grand, secretary general of industry group ASD said on Tuesday.

Defence led the surge with turnover up 13.8% to 183.4 billion euros, driven by higher spending and efforts to bolster security driven by the war in Ukraine, Grand told reporters.

Civil aeronautics rose 6% to €129.1 billion, helped by air traffic recovery and demand for fuel-efficient aircraft, though supply-chain bottlenecks and labour shortages persisted. The space sector's turnover increased by 3.1% to €13.2 billion.

The aerospace and defense sector, which includes more than 4,000 companies, supported nearly 4.2 million jobs and 779 billion euros in economic activity across Europe, ASD said.

ASD President Micael Johansson urged the European Union to adopt an industrial strategy for civil aeronautics and sustain defence investment, warning that Europe's leadership in high-tech sectors "cannot be taken for granted".

R&D spending hit €25.2 billion, up by 9.4%, ASD said adding that Europe still lags global rivals in innovation.

($1 = 0.8615 euros)

-Andrew Gray/Reuters