In contrast with civilian aerospace and airlines, the defence industry remains healthy.
"The global financial crisis has yet to have an impact on major arms companies' revenues, profits and order backlogs," Sipri said.
Peace-keeping operations - which also benefit defence firms - rose 11%.
Missions were launched in trouble spots such as Darfur and the Democratic Republic of the Congo.
"Another record was set, with the total of international peace operation personnel reaching 187,586," said Sipri, or Stockholm International Peace Research Institute...
...The top 10 global arms producers
Boeing $30.5bn
BAE Systems $29.9bn
Lockheed Martin $29.4bn
Northrop Grumman$24.6bn
General Dynamics $21.5bn
Raytheon $19.5bn
EADS (West Europe) $13.1bn
L-3 Communications $11.2bn
Finmeccanica $9.9bn
Thales $9.4bn
...The top 10 military spenders
USA $607bn
China $84.9bn
France $65.74bn
UK $65.35bn
Russia $58.6bn
Germany $46.87bn
Japan $46.38bn
Italy $40.69bn
Saudi Arabia $38.2bn
India $30.0bn
High levels of military spending can cause economic difficulties for even the wealthiest of nations, Sipri insisted.
"During the eight-year presidency of George W Bush, US military expenditure increased to the highest level in real terms since World War Two," Sipri said.
"This increase has contributed to soaring budget deficits," the yearbook states, pointing to how both the Iraq and Afghanistan conflicts were funded "primarily through emergency supplemental appropriations outside the regular budgetary process", funded by borrowing.
"Arms companies may face reduced demand in the future if governments cut military spending in response to rising budget deficits," Sipri observed.
There's no worry about that. Lyndon Baines Obama never saw a campaign donor he couldn't Change for.
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