Last week, it was reported that the Formula 1 Gulf Air Bahrain Grand Prix in Sepang had brought a positive impact to Malaysian micro, small and medium enterprises, with the SMEs having reaped over RM345 million in economic spillover effects from the race.
Now, those numbers have been expanded on a larger canvas, The Star reports, with the youth and sports ministry saying that nearly RM950 million in total monetary value was injected into the Malaysian economy from the event, which attracted approximately 261,000 spectators over the race weekend, including an estimated 103,000 on race day itself.
“Based on information from Formula 1 management (FOM), the event, which was broadcast worldwide and was watched by 827 million viewers, generated an economic impact of nearly RM950 million. More than 97,000 tickets were sold, with over 50,000 international tourists and approximately 5,000 foreign workers arriving in Malaysia in conjunction with the race,” the ministry said in a written parliamentary reply issued today.
