MADRID’s economy has seen a whopping €467-million boost after the city hosted its first Formula 1 Grand Prix in 45 years, according to a new study.
The three-day event also created a staggering 8,850 jobs across the Madrid region, accounting giant PwC estimated in a report, as more than 350,000 people flocked to the race last weekend.
Running from September 11 to 13, the GP marked Formula 1’s return to Madrid for the first time since 1981, with the new 5.4-kilometre Madring track built around the IFEMA exhibition centre and Valdebebas.
The PwC study also estimated that the race generated around €83 million in tax revenues and social security contributions.
Its €467-million boost is equivalent to 5.7% of the leisure sector’s total economic output in Madrid, the report said.
Around 353,000 spectators attended the inaugural race weekend, according to organisers, with around 45,000 visitors travelling from abroad.
The figures were based on real ticket sales and investments made to stage the event, according to PwC, rather than simply being a pre-race projection.
The huge crowds also gave Madrid’s hotels, restaurants and other businesses a major boost, although the impact was not felt evenly across the hospitality sector.
Hotels recorded around 70% occupancy during the weekend, well below the 95% that had initially been expected, with thousands of rooms previously blocked for the event later released.
READ MORE: Young star Kimi Antonelli wins again, but was new Madrid F1 track a success – or another flop?
The race itself was won by Mercedes star Kimi Antonelli, who beat Max Verstappen and Lando Norris in the first-ever F1 race at the new circuit.
Madrid has now secured a place on the F1 calendar until at least 2035, meaning the capital will host the Spanish Grand Prix for the next decade.
The event’s organisers will now hope to build on its huge debut crowds as Madrid prepares to become a permanent fixture on the Formula 1 calendar.
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