I have written several times that there are sectors where Portugal is still underestimated, often by us. The space economy is perhaps one of the clearest examples. For too long it was seen as a distant, scientific, almost symbolic domain. Today, the numbers show another reality. Space is an economy under construction, with a direct impact on employment, innovation, industry, and technological sovereignty. And Portugal is finally positioning itself to play that game.

The study now presented by the Boston Consulting Group, "Portugal in Space – Boosting 40 billion euros in innovation and economic growth", is not an optimistic academic exercise. It is an economic map. It points out that an accumulated investment of around 4 billion euros in the space sector can generate more than 40 billion euros of impact on GDP by 2040, create around 27 thousand direct and indirect jobs, of which 6 thousand are highly qualified, and consolidate an annual space economy of 2 billion euros. This changes the scale of the conversation.

The most relevant thing, in my view, is not only the volume of investment, but the logic of leverage. The space sector, by nature, needs a catalytic state. Not because the private sector is not important, but because the cycles are long, the capital intensive and the initial risk high. Portugal is now starting to follow this path more clearly, reinforcing its contribution to the European Space Agency, mobilizing European funds, and creating conditions for private capital to enter with more confidence.

Here comes a decisive factor that I have underlined in recent months: institutional infrastructure. Portugal now has two ESA hubs operating in the country, something that completely changes the incubation, acceleration, and internationalization capacity of space companies. This is not just support for startups. It is access to European value chains, contracts, certifications, applied knowledge and anchor customers. It is the difference between dispersed talent and structured ecosystem.

The current figures show the starting point. In 2023, the Portuguese space sector accounted for only 0.03% of GDP. Far below its potential. But they also show the trajectory. 40% growth in the number of companies in a few years, a 50% increase in employment and a new generation of startups and technology companies emerging in areas such as Earth observation, data, communications, defense, robotics, and critical systems. The study points out that by 2040 the sector may represent about 0.5% of the national GDP. This is a structural transformation.

Another aspect that deserves attention is the cross-cutting effect. The space economy does not live in isolation. It drags advanced metalworking, electronics, microelectronics, software, artificial intelligence, environmental services, energy and defence. It is innovation that spreads through the real economy. It is a high value-added export. It is the retention of qualified talent.

The final message is simple. Space is no longer just science. It is industry, it is data, it is sovereignty and it is economic growth. With two ESA hubs in Portugal and a clearer strategy, the country now has a rare opportunity to turn ambition into scale. It is up to companies, investors, and institutions to realize that the time is not to observe from a distance, but to enter the game while it is still being designed.