- Nov 25, 2008
- Reaction score
- British Turk
- Political Leaning
UK space companies have defied the recession, growing by an average of 10% a year from 2007.
So says a report from the Oxford Economics consultancy, which predicts the growth will continue in 2010.
The space business is now said to have a turnover worth some £7.5bn, with employment rising at about 15% a year.
The best performing areas are in so-called downstream activities - services such as satellite broadcasting and telecommunications.
But even the upstream sector - such as satellite manufacturing - recorded a very healthy performance, averaging annual growth of 3% over the period 2006/07 to 2008/09
The UK is about to launch Europe's first satellite dedicated to the delivery of broadband services
This highlights the importance of sustained investment within the space industry; this will be the future of every major economy in the coming decades.