24/7 Space News
Measuring how space creates jobs and prosperity on Earth
ESA stock illustration only
Measuring how space creates jobs and prosperity on Earth
by Staff Writers
Paris (ESA) Dec 18, 2023

Space is becoming ever more important to life on Earth - from managing climate change to responding to emergencies to digitalising the economy. To help policymakers and businesses take informed decisions about investing in space, ESA has published plans to create robust and reliable data on the space economy, in collaboration with international partners.

The increasing importance of space means that demand for reliable and timely statistics on the space economy has grown. To meet this demand, ESA has worked with the Organisation for Economic Cooperation and Development, the European Commission's Eurostat and Joint Research Centre, and the US Department of Commerce and its Bureau of Economic Analysis.

ESA Director General Josef Aschbacher said, "For too long, the increasing contribution that space makes to economic growth has been obscured in the official statistics. Creating statistical codes to flag space-related elements will reveal the full extent of the space economy and enable economists and policymakers to identify exactly how space creates prosperity on Earth."

The space economy goes well beyond launchers, spacecraft and satellites - it includes space-derived products and services, such as the satellite communications and navigation on which many economies, people and devices rely.

Both direct contributions - such as mining the metal used to build a satellite - and indirect contributions - such as the value added by keeping people connected while in remote regions - are included, as well as people who work in the space industry spending their wages. The space economy can extend to unexpected places - space innovations pop up in medicine, health, environmental monitoring, farming, transport and manufacturing.

The tables of codes will enable economists to identify, for example, the value added by the creation of an electronic chip that uses Europe's Galileo satellite navigation system and is later inserted into a person's mobile phone or car, without considering the overall value of the mobile phone or the car in the space data.

The codes cover areas including: manufactured goods; information and communication services; professional, scientific and technical services; construction; public administrative and defence services; education; transport and storage; financial and insurance services; and arts, entertainment and recreational services.

The tables build on work started by the US Bureau of Economic Analysis, which published the first attempt to create a set of accounts for the American space economy in 2020, and on a two-year cooperation project between ESA, Eurostat and the Joint Research Centre.

The work consists of three strands: defining the space economy for statistical purposes that is internationally consistent; developing the methodology for the construction of the European space economy thematic account at the national and aggregated European levels; and combining the results obtained while fine-tuning and testing them, which is still ongoing and will be published in due course.

Related Links
Corporate News at ESA
The latest information about the Commercial Satellite Industry

Subscribe Free To Our Daily Newsletters

The following news reports may link to other Space Media Network websites.
Investor Coalition demands leadership overhaul at Terran Orbital amid CEO controversy
Los Angeles CA (SPX) Dec 13, 2023
In a recent development that has stirred the aerospace industry, a group of investors in Terran Orbital Corp. (NYSE: LLAP), collectively known as the "Concerned Investor Group," has called for immediate and significant changes in the company's leadership. This group, comprising Sophis Investments LLC, Roark's Drift LLC, and co-founders of Tyvak Nano-Satellite Systems-Jordi Puig-Suari, Roland Coelho, and Austin Williams-has expressed grave concerns over the current trajectory of Terran Orbital under the ... read more

Insect compasses, fire-fighting vines: 2023's nature-inspired tech

MSBAI and Princeton partner in SpaceWERX contract to enhance space flight training

Jeff Bezos's Blue Origin headed back into space after accident

NASA: Let's Ketchup on International Space Station Tomato Research

Green hydrogen for Ariane 6 and more

SpaceX set for Falcon Heavy USSF-52 mission to launch X-37B military space plane

SpaceX launches Starlink, Sarah-2 missions

Virgin Galactic sets January 2024 for 11th mission

Recent volcanism on Mars reveals a planet more active than previously thought

Sussex research takes us a step closer to sustaining human life on Mars

Rocker-Bogie Around the Marsmas Sea: Sols 4041-4042

Zhurong Rover Unveils Ancient Polygonal Terrain Under Mars' Utopia Planitia

Shenzhou XVII astronauts set for their first spacewalk

China's commercial space sector achieves milestones with series of successful launches

China's space programme: Five things to know

Long March rockets mark their 500th spaceflight

Measuring how space creates jobs and prosperity on Earth

Bayanat and Yahsat to Merge, Forming AI-Driven Space Technology Powerhouse, Space42

NASA and Blue Origin partner to propel space technology in latest suborbital flight

Satellite Communications Innovator Lynk Global to Go Public via Slam Corp. Merger

Studying Combustion and Fire Safety

Chile's state-owned mining giant forms lithium extraction alliance

NASA's Tech Demo Streams First Video From Deep Space via Laser

Mighty MURI brings the heat to test new longwave infrared radiometer

Astrophysicists publish Kepler Giant Planet Search, an aid to 'figure out where to find life'

Earth may have had all the elements needed for life within it all along

NASA Study Finds Life-Sparking Energy Source and Molecule at Enceladus

Some Icy Exoplanets May Have Habitable Oceans and Geysers

The PI's Perspective: The Long Game

Webb rings in the holidays with the ringed planet Uranus

Unwrapping Uranus and its icy moon secrets

Juice burns hard towards first-ever Earth-Moon flyby

Subscribe Free To Our Daily Newsletters

The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.