Number of defense companies in the Baltics rose by 30% in six years — LSM English – UA.NEWS

Number of defense companies in the Baltics rose by 30% in six years — LSM English  UA.NEWS

The number of defense companies in the Baltics increased by 30% from 2019 to 2024, while Lithuania posted the fastest turnover and value-added growth, according to LaSER. In the Baltic countries, the number of defense industry companies covered by the study increased by 30%, from 232 in 2019 to 300 at the end of 2024. Their combined turnover over this period rose from €1.96 billion to more than €3 billion, amounting to around 1.9% of the combined GDP of Latvia, Lithuania and Estonia, LSM English reports, citing a study by the Latvian Institute of Strategy and Economic Research, LaSER. Turnover among the companies in the sample grew fastest in Lithuania: in 2024, it was 79% higher than in 2019.

In Latvia, the figure increased by 51%, and in Estonia by 48%. Lithuania also recorded the highest growth in value added, up 122% over five years. In Latvia, it increased by 64%, and in Estonia by 47%. At the same time, Estonia remained the leader in absolute terms: companies in its sample generated €616 million in value added in 2024. The number of employees at the companies analyzed by LaSER increased from fewer than 19,000 in 2019 to more than 21,000 in 2024. The highest employment growth rate was recorded in Latvia, at 36% over five years. Industry representatives believe that