Mr Desmond Choo: To ask the Minister for Trade and Industry what is the total economic value, both direct and indirect, created by the Formula One Singapore Grand Prix recently held in October 2022.
Written Answer by Minister for Trade and Industry Gan Kim Yong
1. This year’s Formula 1 Singapore Grand Prix saw a record attendance of 302,000 spectators over three days, the highest since the inaugural race in 2008. As in previous years, at least 40% of the spectators were from overseas. The economic value of the 2022 race is still being assessed, but the race has usually generated around $130 million per year in incremental spending from tourists attending the race.
2. The F1 Singapore Grand Prix also directly supports local businesses in the engineering, construction, and hospitality sectors, as most of the race-related works are sub-contracted to Singapore-based companies in these sectors. About 30,000 staff, contractors and stakeholders were accredited to work at the race. The race also provided a boost to our hotel industry, as the average hotel room rates during the race exceeded the historical high of $440 per night for previous F1 periods. Our local economy was further boosted by 90,000 delegates attending about 25 Meetings, Incentives, Conferences and Exhibitions events which were held around the race period this year, including the TIME100 Leadership Forum, the Forbes Global CEO Conference, and the Milken Institute Asia Summit.