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French arms export boom boosts economy

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French arms export boom boosts economy
Guns for sale at a Paris weapons trade show. Photo: AFP
08:39 CEST+02:00
While other areas of the French economy continue to struggle the country's arms industry is positively booming, new figures show.

French arms exports rose 18 percent in 2014, according to a defence ministry report published Tuesday, the country's best export performance for 15 years.

France sold €8.2 billion ($9.1 billion) of weapons last year, mainly due to clinching five "large" contracts (defined as more than €200 million).

These large contracts represented a total of €4.79 billion -- a gain of 71 percent compared to the previous year.

The positive figures should continue in 2015 with contracts to provide 24 Rafale combat jets to Egypt and the same amount to Qatar already in the bag.

The figures put France "solidly" in fourth place in terms of global arms exports, the report said, behind the United States, Russia and China.

France's main markets over the period 2010 to 2014 were the Middle East (38 percent), followed by Asia (30 percent).

After that came Europe (13 percent), the Americas (11 percent) and Africa (four percent).

The top French client over the period was Saudi Arabia, which snapped up €12 billion worth of weapons over the period -- including three billion dollars bought to help the Lebanese army.

Then followed India (around €6 billion), Brazil (just under €6 billion), the United Arab Emirates (€4 billion), the United States and Morocco.

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