Economy

Global Space Economy Hits $546B Despite 2022’s Economic Turmoil

European Space Agency’s Plato satellite was subjected to as much as 156 decibels of sound at the agency’s Large European Acoustic Facility. The crushing noise is designed to simulate the sound satellites face upon launch. Space science missions such as Plato are seeing funding growth. Credit: ESAEuropean Space Agency’s Plato satellite was subjected to as much as 156 decibels of sound at the agency’s Large European Acoustic Facility. The crushing noise is designed to simulate the sound satellites face upon launch. Space science missions such as Plato are seeing funding growth. Credit: ESA

Last year was a tumultuous time for the global economy. High inflation, fluctuating exchange rates, and constricting markets caused trouble across most industries, and space was no exception. The global space economy totaled $546 billion in 2022, 8% higher than the previous year, according to Space Foundation analysis. Government and commercial spending cooled year-over-year, but 2022 still exceeded the five-year growth average.

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Government Space Spending Growth Slows to 8% in 2022

Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.

Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.

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Congressional Battles Rattle Space Budgets, With NASA Facing Deepest Cuts

Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.

Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.

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