Volvo Ocean Race Generates Nearly 100M Euros in Spain, How Much in Newport?
Sunday, March 11, 2018
The 2017-18 Volvo Ocean Race has added 96.2 million euros to the Spanish Gross Domestic Product, an increase of 7.6% over the 2014-15 edition. The result in Spain raises questions about how big an economic impact the race will have on Rhode Island's economy as Newport is the only American stop over.
“In addition to the numbers that reinforce the success of the event for another year, in this edition, we have grown exponentially in many areas:
The first is the business, due to the remarkable growth of corporate guests;
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe second is social due to the success of the Comunitat Valenciana pavilion, which hosted innumerable local representatives, as well as the open, integrated approach of the Race Village itself;
The third is in the area of sustainability, and here I’m not only talking about the message that has been transmitted and amplified to the public about Ocean health, but also the concrete commitments secured from businesses and government to adopt sustainable practices,” said Antonio Bolanos, Managing Director of the Volvo Ocean Race.
The race also generated the equivalent of 1,700 full-time jobs in Spain, according to an economic impact study delivered by PriceWaterhouseCoopers (PwC) measuring the impact of the Volvo Ocean Race on the Region of Valencia and Spain.
Overall Impact
The impact in the Region of Valencia grew to 68.6 million euros of GDP, a 3.3% increase on the 2014-15 edition.
The sectors of activity that benefited the most were local businesses and restaurants, each by more than 10 million euros.
In terms of employment, the equivalent of 1,270 full-time jobs were generated, a figure similar to the last edition.
Related Slideshow: Top 10 Action Images from 2017-18 Volvo Ocean Race
Related Articles
- EXCLUSIVE: Volvo Ocean Race Is Targeting Return to Newport in 2018
- Take a Look Back at the Volvo Ocean Race in Newport
- NEW: Dates Set for Volvo Ocean Race’s Return to RI in May of 2018
- NEW: Volvo Ocean Race Names Mark Turner CEO
- Brad Read, Volvo Ocean Race Joins Molly O’Brien on GoLocal LIVE
- Volvo Ocean Race Is Close To Announcing Return To Rhode Island
- Team Alvimedica Wins Ninth Leg of Volvo Ocean Race
- Volvo Ocean Race Boats Take Hits as Race Heads Towards Newport
- Volvo Ocean Race Sets Sights on Newport
- NEW: Volvo Ocean Race Boats Set to Arrive in Newport Tonight
- Volvo Ocean Race Departs Newport With a Return in 2018 Possible
- Team USA Announced for 2017-18 Volvo Ocean Race
- 2017-18 Volvo Ocean Race Kicks Off in Spain, Comes to Newport May 8
- Man Falls Overboard During Leg 4 of Volvo Ocean Race
- Dongfeng, AkzoNobel Take Commanding Lead in Leg 4 of Volvo Ocean Race
- China’s Sun Hung Kai/Scallywag Wins Leg 4 of Volvo Ocean Race
- Leg 6 of 2018 Volvo Ocean Race Kicks Off
- Volvo Ocean Race Team Discovers Abandoned Ship in Pacific Ocean During Leg 6
- Spain’s Team MAPFRE Takes Leg 3 of Volvo Ocean Race
- Volvo Ocean Race Week 9 Highlights
- Top 10 Action Images from 2017-18 Volvo Ocean Race
- Volvo Ocean Race Names Brisius, Salén as President & Co-President
- Spain’s Team MAPFRE Takes Leg 2 of Volvo Ocean Race
- Mt. Gay Rum to Sponsor Volvo Ocean Race Newport Stopover
- RI’s Vestas 11th Hour Racing Doesn’t Sail, AkzoNobel Wins Leg 6 of Volvo Ocean Race
