The Belgian Grand Prix at Spa-Francorchamps will continue to enliven the region until 2031. If the event is presented as an economic boon for Wallonia, some criticize the losses it causes. But ultimately, where does the Grand Prix money go?
The confirmation of the organization of the Belgian Grand Prix until 2031 was widely celebrated by Walloon political leaders.
This event, considered a global showcase for the region, attracts large numbers of foreign visitors and generates significant economic benefits.
55 million euros in economic benefits
According to Vanessa Maes, the general director of Spa Grand Prix, who holds the figures from former Walloon minister Willy Borsus, the Grand Prix would have brought in 55 million euros to the Belgian economy in 2022, including nearly 42 million for the Wallonia.
These figures include spending by foreign spectators on accommodation, restaurants, visits, fuel and even shopping.
In terms of investment, a Deloitte study updated at the request of Willy Borsus, highlights that one euro injected into the organization of the Grand Prix generates more than nine euros of economic benefits, including seven directly for Wallonia.
Who benefits from the Grand Prix money?
Tax revenues reach 1.248 million euros for the Walloon region and more than 5 million for the federal state. This money goes into the coffers of the state which uses it to finance its policies.
Despite criticism linked to the annual financial losses of the Grand Prix, efforts have been made to reduce organizational costs.
In four years, the necessary budget has fallen from 7.5 million to 5.8 million euros.
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Are you in the newspaper? Belgian Grand Prix spa-francorchamps economic impact Wallonia Belgian economy Vanessa Maes willy borsus
