A study has shown there has been a $506.3m benefit to the city of Baku since the inception of the Azerbaijan Grand Prix in 2016.
The study, which was commissioned by Baku City Circuit (BCC), looking into the economic growth the city has enjoyed as a result of holding the grand prix.
The report – analysing the 2018 and 2019 races, was compiled by PricewaterhouseCoopers (PwC), and follows on from the research conducted after the races in 2016 and 2017.
The $506.3m total comes from the spending associated with bringing the race to Baku, which covers accommodation, catering, telecommunications and others.
As a direct result of the race being held in Baku, a number of sectors have benefitted financially: namely, hospitality, transport and tourism industries, which have seen an increase of $73.8m over the course of the four-year period; the total spent across all relevant sectors was $300.6m.
Indirect spending – which has been defined in the report as additional revenue received by the companies that provide goods and services to the organisations that are directly involved with supply – all had an impact on the aforementioned industries, totalling $53m from 2016-19.
BCC’s executive director, Arif Rahimov, commented on the report findings: “We have always emphasised that Formula 1 in Baku is more than just a showpiece event but instead a spark for economic, social and cultural change that will create increased opportunities and benefits for everyone living and working here.
“As made clear in this report, the past few years have exceeded our wildest expectations in this regard. Now that we have agreed our new contract with F1, which guarantees racing in this city until 2023 at least, we look forward with increased confidence and optimism to many more years of success hosting the pinnacle of motorsport here in Baku,” he concluded.