Turismo do Algarve’s initial estimates indicate that the competition had an economic impact of €75 million to €87 million.

The Portuguese MotoGP Grand Prix, part of the FIM MotoGP World Championship held in March in Portimão, could have had an economic impact of up to €87 million, as estimated by Turismo do Algarve.

So far, the estimate points to an “economic impact estimated between €75 million and €87 million”. This result exceeded initial expectations “of €79 million, verified in last year’s edition”, said the Turismo do Algarve.

“Direct revenue from the world’s premier motorcycling race, held between March 22 and 24, exceeded €24.7 million in the hotel sector (along with the €21.3 million spent by spectators and €3.5 million by the organisation and participants) and €9.4 million in food and beverages”, detailed the same source.

The impact on car rental was three million euros, including expenses for spectators, the organisation, and teams. These groups also spent over two million euros on airline tickets to the Gago Coutinho Airport in Faro, as estimated by Algarve Tourism.

“Hosting the MotoGP at the Autódromo do Algarve, the only structure in Portugal accredited for the biggest world speed events, translates into an extraordinary gain for the visibility of the region and the prosperity of its economy in the low season”, considered the president of Algarve Tourism, André Gomes.

André Gomes, quoted in the statement from the Algarve organisation, emphasised that the results impact the entire country. “This impact is not only seen in the revenue collected by the central government through taxation,but also in the enhanced reputation it brings to the Portuguese brand”.

“The same way the Web Summit and World Youth Day conveyed the image of a safe, welcoming and prepared country for major events, so too does the Portuguese edition of the MotoGP, raising the country’s prestige with tourists and organisers of major events”, added the president of Algarve Tourism.

The regional organisation emphasised the significance of hosting major international sports events like the Portuguese MotoGP Grand Prix and the Algarve Cycling Tour, which takes place in February, to help reduce seasonality in tourism, the Algarve’s main economic activity.

“The timing of the Moto GP is also a factor in the potential production of wealth for the region by placing the Algarve on the world radar, two months before the start of summer in the northern hemisphere, the traditional time for family holidays”, said André Gomes.