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Industry Outlook

The defense sector was in a strong position as the United States ramped up spending under the Trump administration at the end of the decade. Beyond the United States, other countries also were strengthening their military prowess. Deloitte Touche Tohmatsu explained that security threats were propelling defense spending in China, India, and Japan, and also among NATO countries. Rising geopolitical tensions in areas such as North Korea and the Middle East also boded well for this sector of the industry. In 2019, the Department of Defense's base budget was an estimated $657 billion, up from $574.5 billion in 2018.

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