The Rally of Portugal generated an estimated economic impact of 164.7 million euros in 2023, according to a study carried out by the University of the Algarve and released today by the organization, a record for the event.
According to the work carried out by the Algarve university, this is 10.9 million euros more than the previous year, representing an increase of 7.1%.
According to data released by the organization, under the responsibility of the Automóvel Club de Portugal (ACP), the direct expenditure generated by the rally, made up of the combined spending of fans (residents and visitors), teams and the organization, amounted to 86.8 million euros, 14% more than in 2022.
More than half of that amount (50.5%) came from foreign teams and fans, whose spending contributes to an event that is “unparalleled in Portugal in terms of promoting exports”, say experts from the Center for Research, Development and Innovation in Tourism (CiTUR) at the University of the Algarve.
Direct tax revenue on consumption during the Rally of Portugal also grew to unprecedented figures since the event has been analyzed (since 2007), surpassing 21.7 million euros in VAT and ISP, 19% more than in 2022. “This allowed the State to collect more than 25% of the direct economic impact of the event,” reads the document released to the press.
Over the four days of the race, around one million spectators watched the race live, the fifth round of the World Championship, with more than 267,000 coming from Spain and France, the most represented countries among foreign visitors according to this study, but also from Estonia, the United Kingdom, Finland, Ireland, Belgium and Slovakia.
Foreign visitors stayed an average of three nights in Portugal, an increase on 2022 (average of 2.75 nights), which is almost double the average tourist stay in the northern and central regions of the country at that time of year. More than 38% of foreign tourists visited those regions for the first time.
In media terms, the 2023 edition of the Portuguese race achieved unprecedented records in terms of exposure and the reach of its digital platforms.
“With more than 1,000 hours of television broadcasting in 110 countries on five continents, the event’s broadcast time grew by 14.8% compared to 2022, contributing to the more than 77.9 million euros of monetary value in the media,” the document explains.
Since 2007, when the scientific analysis by the University of the Algarve began, the contribution of the Rally of Portugal to the national economy has amounted to 1,728.6 million euros.