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Portuguese MotoGP Grand Prix increased business turnover in the Algarve by 13%

PORTUGUESE MOTOGP GRAND PRIX INCREASED BUSINESS TURNOVER IN THE ALGARVE BY 13%Analytical data organisation Reduniq Insights announced today that the the Portuguese MotoGP Grand Prix, held last weekend in Portimão, increased business turnover in the region by 13% during the event.

According to Reduniq Insights, business turnover in the Algarve grew between March 22nd and 24th of this year compared to the period from March 24th to 26th 2023, when the same event took place the previous year.

The increase was “more significant in foreign turnover (+ 16%) than in national turnover (+ 11%)”, with the UK representing 11% of total turnover, followed by Ireland and Germany with 8% and 5%, respectively.

Regarding the total income for various sectors, “the categories of restaurants (+17%), traditional food retail (+17%) and hotels and tourist activities (+12%) stand out”, with foreign turnover increasing 19%, 18% and 14% in these categories, respectively.

On race Sunday (March 24th, 2024), turnover and the number of transactions increased by 22% and 21%, respectively, compared to last year's race Sunday.

“This positive performance corroborates the economic impact estimates made by Turismo do Algarve and the Autódromo Internacional do Algarve (AIA), of around €80 million and close to 200,000 people attending," said Tiago Oom, official spokesperson for Reduniq Insights.

Reduniq, owned by Unicre, is a national network for accepting national and foreign cards and Reduniq Insights is a solution that provides analytical information to that brand's customers, based on national retail information.

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