The UK's space industry generated 17.5 billion pounds ($21.5 billion) in profit in 2021, up 1 billion pounds compared to 2020 despite the difficult economic situation caused by the COVID-19 pandemic, the UK Space Agency (UKSA) said on Tuesday
MOSCOW (Pakistan Point News / Sputnik - 28th March, 2023) The UK's space industry generated 17.5 billion Pounds ($21.5 billion) in profit in 2021, up 1 billion pounds compared to 2020 despite the difficult economic situation caused by the COVID-19 pandemic, the UK Space Agency (UKSA) said on Tuesday.
"Despite the global disruption caused by the COVID-19 pandemic, space organisations presented a robust picture, generating �17.5 billion in 2021, compared to �16.5 billion the previous year," the agency said in a statement.
Thus, the sector recorded growth of 5.1%, which exceeds the average growth of the global space industry and the dynamic of the UK economy, according to the statement.
During this period, the number of companies involved in the space industry and jobs in the sector also increased. The total number of such enterprises reached 1,590 in 2021, and the number of people employed was about 48,800. The sector also supports about 127,000 more jobs "across the wider supply chain," the UKSA specified.
Besides, the UK space industry has continued to attract investment, with 89% of funding coming from the private sector, the agency said.
"The �1 billion increase in sector income and �635 million investment generated by UK companies shows the confidence of investors and businesses in the UK space sector," UKSA CEO Paul Bate said.
The report also underlined achievements of the Goonhilly Earth Station, the radiocommunication station that successfully participated in the latest mission of NASA, the European Space Agency and the Indian Space Agency, according to the UKSA. Goonhilly is also developing tracking antennas, one of which was used during Virgin Orbit's launch from Spaceport Cornwall in January.
On January 9, Virgin Orbit, UK businessman Richard Branson's space company, conducted a launch of the LauncherOne carrier-rocket deployed from a Boeing 747 aircraft, however it failed to reach orbit due to the premature shutdown of the second stage engine.
The mission was supposed to be the first ever launch of satellites from the UK. The Western media labeled the mission failure a major blow not only to Britain, but also to Virgin Orbit itself and seven other companies, whose satellites were to be put into orbit.