Madrid is preparing to host the Spanish Formula 1 Grand Prix, to be held from September 11 to 13. A report prepared by PwC raised the initial economic impact forecasts from 450 to 467 million euros, representing 5.7% of the direct gross value added of the region's recreational activities sector in 2023. The authors of the study indicate that the event will exceed in economic impact the grand prix held in Australia, Great Britain or Monaco.
The PwC report forecasts that the race and associated preparations will generate the creation of 8,850 jobs. Additionally, the event should allow the collection of 83 million euros in taxes and social contributions for public finances.
The Spanish Grand Prix thus represents an event of great economic relevance for Madrid and the region, with significant repercussions both in terms of employment and tax revenue generated by the competition and associated economic activities.
