Deloitte: Global A&D sales grew nearly 3 percent in 2017

Sales within the global aerospace and defense sector grew 2.7 percent to reach $686 billion in 2017, according to a new report released by Deloitte Global.

The "results highlight that while revenue growth for the industry as a whole continues to accelerate, it lagged in comparison to an estimated 3.1 percent in global gross domestic product (GDP) growth," Deloitte said in a press release.

According to the report, the defense sector saw particularly significant increases. While the commercial aerospace sector saw 1.2 percent growth, the defense industry generated 3.9 percent growth, according to Deloitte.

In its announcement, Deloitte noted that U.S. aerospace and defense expansion outpaced that of European counterparts.

"Higher defense spending in both regions led to growth, however, Europe's commercial aerospace sector recorded modest growth in comparison to the U.S.’s slower acceleration," Deloitte said.

Additionally, it noted that operating margins reached 10.8 percent, up from 10.2 percent in 2016.