- The inaugural Grand Prix generated €544 million in economic activity, supported 10,948 jobs and generated €95 million in tax revenues.
- Economic impact exceeded initial forecasts by 16.5%, while the impact on employment was 23.7% above expectations and tax revenues were 14.5% higher than forecast.
Madrid, 13 November 2026. Formula 1’s return to Madrid after 45 years has made an impact far beyond the track. The inaugural Spanish Grand Prix at MADRING gave a significant boost to Madrid’s economy, generating benefits across business activity, tourism, employment and tax revenues, while also strengthening the Spanish capital’s international profile.
The Grand Prix generated a total economic impact of €544 million, supported 10,948 jobs and delivered €95 million in tax revenues, according to the socioeconomic impact study conducted by PwC. For every euro of economic activity directly linked to the Grand Prix, €4.60 was generated across Madrid’s wider economy.
According to José Vicente de los Mozos, Chairman of the Executive Committee of IFEMA MADRID, these figures “confirm the strategic importance the Grand Prix has gained for Madrid’s economy and international profile from its very first edition, generating economic activity equivalent to 0.16% of the Madrid Region’s GDP and 0.30% of the city of Madrid’s GDP.”
He added: “We have succeeded in attracting high-value international visitors with significant spending power, 88% of whom said they were likely to return to Madrid. At the same time, 95.3% of all attendees believe the Grand Prix has enhanced Madrid’s international image.”
The benefits extended across a broad range of sectors within the regional economy. Hospitality, manufacturing and construction accounted for 59% of the €425 million in combined indirect, visitor-driven and induced impact. Hospitality benefited most within this group, generating €114 million in economic activity, followed by manufacturing at €86 million and construction at €51 million.
Attracting high-value visitors
The Grand Prix’s contribution to Madrid’s economy was closely linked to its ability to attract visitors. Over the four days of the event, a cumulative attendance of 353,000 was recorded, with 35% of attendees coming from overseas and a further 20% travelling from elsewhere in Spain.
The event’s international audience made a particularly significant economic contribution. International visitors spent an average of €2,772 per person over the course of their stay in connection with the Grand Prix, compared with €1,099 among visitors from elsewhere in Spain and €659 among residents of the Madrid Region. These per-person spending figures include the estimated average ticket price.
The PwC analysis also highlights how Grand Prix visitors significantly outspent typical tourists. International Grand Prix visitors spent an average of €591 per person per day, 1.7 times the average daily spend of an international tourist in the Madrid Region and 2.9 times that of an international tourist visiting Spain overall. Domestic Grand Prix visitors spent an average of €409 per day, 3.8 times the average spend of a domestic tourist visiting the Madrid Region.
Average length of stay was also higher: international visitors stayed in the Madrid Region for an average of 4.7 days, compared with 2.3 days for international tourists overall. Domestic visitors attending the Grand Prix stayed for an average of 2.7 days, compared with the regional benchmark of 1.8 days.
In the words of Jordi Esteve, Partner responsible for Economics at Strategy&, PwC: “The findings of the study show that Formula 1 has exceeded expectations in terms of its ability to generate economic impact. Through extensive fieldwork, we have found that Grand Prix visitors spend more and stay longer than the average visitor. This is helping Madrid attract high-value tourism, generating greater economic activity and supporting employment.”
Accessibility: another defining feature
MADRING’s accessibility was another distinguishing feature of the Grand Prix with 86% of attendees travelled to the circuit without using a private car, equating to two in three visitors. Of these, 65% used public transport, including Metro, bus and commuter rail services, while 21% travelled by taxi or private-hire vehicle. Just 14% arrived by private car.
Among those travelling to Madrid for the Grand Prix, 65% travelled to Madrid by air, making it the most widely used mode of transport among those travelling to the city for the Grand Prix, and was particularly prevalent among international visitors. Rail and private car each accounted for 16%, while 3% arrived by coach.
The impact of the event was also reflected in accommodation choices: almost half of attendees (49%) stayed in hotels, compared with 32% who opted for short-term rental accommodation and 19% who stayed with family or friends.
Nearly 11,000 jobs and €95 million in tax revenues
The economic activity generated by the Grand Prix supported 10,948 jobs, equivalent to 0.31% of total employment in the Madrid Region and 3.85% of employment in the region’s recreational activities sector.
The event also generated €95 million in tax revenues and social security contributions, calculated across the principal taxes and contributions assessed by the study, including personal income tax, corporate income tax, social security contributions and VAT. Of this total, €16 million came from direct impact, €26 million from indirect impact, €34 million from visitor-driven impact and €18 million from induced impact, with minor differences in the totals due to rounding.
For every euro in taxes and social security contributions directly associated with the Grand Prix, the study estimates that €5.90 was generated in tax revenues and social security contributions across the wider Madrid economy.
An impact reflected in Madrid’s international profile
Beyond the economic and fiscal figures, the study shows a strongly positive assessment of the event’s contribution to Madrid’s international profile. 95.3% of attendees said the Grand Prix had enhanced Madrid’s international image, while 98.1% would recommend Madrid as a tourist destination.
Among international visitors, the Grand Prix experience received an average rating of 4.5 out of 5; 86% said they were likely to return to the Grand Prix, while 90% said they were likely to visit Madrid again. Among domestic attendees, the event received an average rating of 4.4 out of 5.
Impact exceeds initial forecasts
Overall, the inaugural Grand Prix outperformed initial expectations across all three of the study’s key measures: economic activity, employment and tax contribution.
The total economic impact reached €544 million, compared with an initial forecast of €467 million, 16.5% above the original estimate.
In employment terms, the Grand Prix supported 10,948 jobs compared with the 8,850 initially estimated, outperforming the forecast by 23.7%.
Finally, the overall tax contribution reached €95 million compared with an initial forecast of €83 million, 14.5% above expectations.
About the PwC study
The study conducted by PwC assesses the impact of the Grand Prix on the Madrid Region’s economy in terms of economic activity, employment, and tax and social security contributions. The calculations are based on data relating to activity generated during the Grand Prix, publicly available information from official sources, and fieldwork conducted during the event.
To analyse attendee profiles and spending patterns, PwC conducted 1,102 face-to-face surveys between Friday 11 and Sunday 13 September. Economic and fiscal impacts were estimated using the SAM (Social Accounting Matrix) methodology, which allows the direct, indirect, visitor-driven and induced effects associated with the event to be quantified.
