ASIM, march 20
The UK Space Agency’s newly released ‘Why Space Matters’ infographic compiles the latest evidence showcasing the social and economic benefits of investing in space-related activities within the UK. With satellite services playing a critical role, contributing to approximately 17.78% of the UK GDP economy and facing potential losses of £7.6 billion if navigation services were to experience a 7-day outage, the infographic underscores the significance of space investments for the UK economy.
Moreover, the infographic highlights the positive investment returns, with economic benefits outweighing the costs of UK investment in the European Space Agency (ESA) by a ratio of 9.8 to 1. Additionally, the UK space sector demonstrates high productivity and growth, with year-on-year sector growth surpassing that of the wider economy by 5%, and boasting impressive statistics such as 1590 organizations, 49,000 employees, £17.5 billion income generated, and labor productivity at 2.5 times the national average.
Furthermore, the UK asserts its leadership in space science, with 300 annual publications linked to UK Space Agency programs and ranking 4th globally for the percentage of publications in the top 10% most cited. Additionally, the infographic highlights the critical role of satellites in weather forecasting, climate services, and contributing to the UK economy by at least £1 billion per year. Looking ahead, the UK Space Agency aims to drive future growth and promote regional development, with a focus on catalyzing private investment within the UK and distributing agency spending beyond the greater South East region. Finally, the infographic provides context on public spending, indicating that in 2022, HMG allocated 0.025% of national GDP to civil space, which was notably lower compared to other space nations such as Germany, Italy, France, and the USA.
