Leonardo CEO says defence spending rise could add to growth estimates

April 4, 202289 views0

© Reuters. FILE PHOTO: Visitors are seen next to Leonardo’s M60A3 tank during Bahrain International Defense Exhibition and Conference at the Bahrain Exhibition Center, Manama, October 16, 2017. REUTERS/Hamad I Mohammed/File Photo

GENOA (Reuters) – A potential increase in military spending could add to growth estimates released last month by Italian defence group Leonardo, Chief Executive Alessandro Profumo said on Monday.

“We already have a very important growth plan … everything that arrives will come on top (of current estimates)”, Profumo said when asked how a potential increase in military spending could change the group’s estimates.

Speaking at the inauguration of the group’s cybersecurity academy in Genoa, northern Italy, Profumo said the impact of a hike in defence spending would depend on what kind of defence programmes would get additional money.

Profumo said he expected NATO countries to ramp up military spending to reach 2% of economic output over time.

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