Deloitte: Global defense market continues to recover

Global defense revenue grew about 2 percent -- or $7.2 billion -- in 2016, according to a new Deloitte report on the sector's financial performance.

The report found global defense sales reached $351 billion in 2016.

"The primary factor in the improvement was likely the 3.1 percent growth in U.S. defense revenues resulting from the 3.6 percent increase in funding from the U.S. Department of Defense (DoD), the subsector's largest customer," the document added. "In contrast, the European defense subsector revenues grew only 0.6 percent while defense spending in Europe increased 2.8 percent."

Read the full report here.