IMSEE Conference: Grand Prix spin-offs reflect dynamism of Monaco’s economy
Thursday 28 June, MEB held a breakfast conference with Lionel Galfré, Director of IMSEE, Monegasque Institute of Statistics and Economic Studies, attended by 80 business people. The focus was spin-offs and revenue generated by the 2017 Formula 1 Grand Prix, a first, and data from the latest edition of IMSEE’s Monaco en Chiffres*.
IMSEE’s Director began by clarifying one key point: the impact of the 2017 Grand Prix produced by his teams was not done by extrapolation, as some estimates are arrived at to highlight an event’s appeal. The figure €90 million (after taxes) was calculated based on real, verified sources. The ACM of course was very involved, but so were others including the administration, professionals who most stand to lose or gain from it, and pollsters who were present throughout the four-day event.
Result: a snapshot that Lionel Galfré describes as a “little miracle”, given the exceptional amount obtained in such a short period on 2km2. In total, €21.7 million is generated by set-up expenses prior to the event for the organiser, with the remaining €68.3 million reflecting indirect benefits exclusively in the Principality. Accommodation, restaurants, bars, tickets and privatised terraces alone account for three-quarters of this amount. Another important point is that as well as motor racing fans, the Grand Prix attracts a growing jet-setter crowd with high purchasing power.
Lionel Galfré pointed out that outside calculated figures the profit generated by the Grand Prix, “the biggest event in the Principality”, is not always quantifiable. Not least in terms of media coverage, with over 400 million TV viewers for the main race, not to mention summaries, reports, press articles, etc. In short, a profile boost across five continents contributing to the Principality’s legend.
Introducing the latest Monaco en Chiffres, the Institute’s Director highlighted figures confirming that Monaco is thriving. Employment has increased steadily over the last five years, from 50,835 in 2013 to 54,303 in 2017. Lionel Galfré parallels the figure with the Grand Prix as companies have based themselves in the Principality, while working for all the other F1 races during the season.
After a lively Q&A session, delegates left with a copy of Monaco en Chiffres, a mine of information providing invaluable indicators to emerging trends.
MEB Chairman Michel Dotta and Lionel Galfré, IMSEE Director.
Lionel Galfré’s presentation to 80 entrepreneurs from the Principality.
Credits: Realis / MEB.
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