A new report has found New Zealand's space sector contributed $1.69 billion to the economy in the last financial year and employs 12,000 people, Minister for Economic Development Phil Twyford announced today.

The report by Deloitte was commissioned by the Ministry of Business, Innovation and Employment and shows New Zealand has a globally unique and diverse ‘New Space' economy that is driven almost entirely by the private sector.

'The findings of this report show that New Zealand is extremely well-placed to increase its share in the NZ$647 billion global space economy,” says Phil.

'The space economy's $1.69 billion contribution in the 2018/19 financial year is significant for New Zealand and there is huge potential for us to grow our share.

'The development of New Zealand's space economy hasn't followed traditional paths and its diversity reflects our innovative spirit.

'Through Rocket Lab, we are home to the world's leading small-launch provider, and we're attracting other leading international space companies, such as Silicon Valley start-up LeoLabs who have built their KiwiSpace Radar in Central Otago.

'There are good reasons why we are attracting global interest in our industry – we are adaptable, innovative and the government is committed to supporting the growth of an industry that represents huge opportunities for New Zealand,” says Phil.

The report's key findings are that New Zealand's space economy:

Is ‘New Space'-driven, characterised by a mix of start-up and well established entrepreneur-driven and privately-funded space companies;

Has strong space manufacturing and space applications sub-sectors, and cutting-edge research and development capability within several, universities across the country; and

Draws on local as well as international talent, and has strong connections with the global space economy.