"The Space Economy Satellite Account (SESA) is a new, collaborative effort to measure the relative importance of the space sector on the US economy, with a special emphasis on the growing commercial space segment", the release said.
The Commerce Department explained that the new account was part of its economic satellite accounts that provide additional detail and in-depth analysis of key sectors of the US economy, such as health care, travel, tourism and outdoor recreation.
Using input from industry experts and multiple government agencies, led by the Commerce Department’s Office of Space Commerce, the SESA statistics will show the impact of the US space economy on the overall US economy, the release said.
"Specifically, the SESA statistics will provide an estimate of the space economy's contribution to current-dollar gross domestic product (GDP) and will illustrate the contributions of individual industries to the US space economy", the release added.
In addition to GDP, the data will include gross output, compensation and employment by industry statistics for the space economy, the release said.