A new study on the economic impact of the Formula 1 Spanish Grand Prix has raised estimates of the event’s contribution to Madrid to €467 million and 8,850 jobs, a figure equivalent to 5.7% of the direct gross value added generated by the Region’s recreational activities sector.
The report, produced by PwC using real sales and investment data linked to preparations for the event, also indicates that it will generate nearly €83 million in tax revenues and social security contributions.
These figures reflect the huge expectation surrounding the 2026 Formula 1 Spanish Grand Prix, which Madrid will host from 11-13 September, and which has already resulted in the sale of more than 120,000 grandstand and hospitality tickets. Analysis of ticket purchaser data shows that more than 80,000 spectators will travel from outside Madrid, including 45,000 international visitors.
José Vicente de los Mozos, chairman of IFEMA MADRID’s Executive Committee, said: “The Grand Prix’s extraordinary ability to generate economic value confirms our organisation’s commitment as one of the main economic drivers of the region, while also highlighting the contribution to the Madrid and Spain brands of an event that has generated 73 billion impressions worldwide since its launch.
“This analysis is particularly valuable because it is based on verified data rather than assumptions. It shows that for every euro of economic activity directly linked to the Formula 1 Spanish Grand Prix, around €3.90 is generated across the wider Madrid economy, which undoubtedly justifies the organisational effort we have devoted to this project.”
According to PwC’s findings, the influx of fans attracted by the Grand Prix will have a particularly significant impact on sectors that play a key role in Madrid’s day-to-day economy, including Hospitality (€59 million), Transport (€22 million) and Retail (€18 million).
In addition, the nature of the Grand Prix’s production requirements means that other sectors will also benefit substantially from the event, including Manufacturing (€72 million), Construction (€50 million), Professional Services (€33 million), and Information and Communications (€19 million).
Jordi Esteve, PwC Economics Lead Partner, said: “Preliminary estimates suggest the Formula 1 Spanish Grand Prix in Madrid will have a very significant capacity to generate socio-economic value, not only through its direct activity but also through its ability to drive growth across other sectors of the regional economy.
“It is important to underline that this remains a preliminary assessment of the impact the Grand Prix is expected to generate. Once the event has taken place, a further study will be conducted to validate these forecasts and provide a more precise measure of the true scale of its socio-economic contribution.”
Image: formula1.com