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 647 billion-NZ dollar global space economy, Twyford said in a statement.
"The space economy's 1.69 billion-NZ dollar contribution in the 2018-2019 financial year is significant for New Zealand and there is huge potential for us to grow our share," he said.
"The development of New Zealand's space economy hasn't followed traditional paths and its diversity reflects our innovative spirit," the minister said.
"Through Rocket Lab, we are home to the world's leading small-launch provider, and we are attracting other leading international space companies, such as Silicon Valley start-up LeoLabs who have built their KiwiSpace Radar in Central Otago," he said. (1 U.S. dollar equals 1.56 New Zealand dollar)