Israeli defence exports rose in 2015

Israel's defence exports rose slightly in 2015 to reach $5.7 billion in new contracts despite a faltering global economy, the defence ministry said on Wednesday.

The contracts included aircraft upgrades and maintenance, electronics, drones, telecommunications, aerial defence systems, satellites and naval systems, a statement read.

Most of the exports were for Asia and Europe.

In 2014, Israel's defence exports reached $5.66 billion.

Israel is one of the world's top 10 defence exporters and invests in developing technological solutions to accomodate "operational difficulties posed by asymmetric warfare and the importance of precise munitions and real-time intelligence," the statement read.

The defence ministry noted that 2015 was an unfavourable year to the global defence industry due to "falling oil prices and currency exchanges," but predicted the stability in its exports would continue in 2016.

On Sunday, Israel's central bank said the country's economic growth in 2015, which stood at 2.5 percent, was hampered in part by a decline in exports due to the faltering global economy and its strengthening currency, the shekel.