Looks like a physical model to me too, but it seems more likely that it was CGI. Maybe if it was made in 1992 but I'm not sure about something made in 2002.
Looks like a physical model shot on film to me, especially noticeable on the final frame it holds on.
Interesting that the logo on that copy is in the 1997 stripped style, the version they used on air was stacked.
Not sure that version ever went on air. The full titles only had 'BBC' on them because the programme had a different name on BBC Four and BBC World. It was when it turned green and called 'The World' that the name of the programme went on the full titles, not just the sting.