Hungarian Grand Prix Adds HUF 20 Billion to the Country’s BudgetAccording to 2011 data the Hungarian Grand Prix adds HUF 20 billion to the country’s budget, advertising value not included. The Grand Prix has 200 thousand visitors annually, 80 percent of them are tourists. They spend over HUF 200 thousand on average during their visit.
Hungarian History of Formula-1
The Hungarian Grand Prix has been organized annually since 1986. It’s held at Hungaroring track in the city of Mogyoród near Budapest. The track was built in 1985-86, in 8 months, at a 73 ha land between Kerepestarcsa and Mogyoród. The 4381-meter-long track gained it’s current shape in 2003. The racing drivers have to drive 306.67 kilometers (70 laps) a race, the time limit is 2 hours. The track is characterized by narrow sections and sharp bends. The Hungarian Grand Prix has been won the most times (4 times) by the German racer Michael Schumacher. The trophy the winner of the race gets has been made by Herendi Porcelángyár (Herend Porcelain Manufactory) since 2006. The trophy depicts a Hungarian monument, e. g. the Buda Castle, the Parliament, the Fisherman's Bastion or the Chain Bridge. After the 2013 Grand Prix large modifications of the track are to be done. The tribunes will be redone, and the area surrounding Hungaroring will be made noise free. The contract of the Grand Prix has been extended until 2021.
The Grand Prix as a Touristic Appeal
According to the data collected after the 2001 race, the Hungarian Grand Prix has 200 thousand visitors annually, 80 percent of them are tourists, mostly from Germany, Great Britain and the Netherlands. The race generates a great income for the country’s tourism and catering. The visitors spend 3.1 days in Hungary during the Grand Prix on average, and spend HUF 233 thousand on average on accommodations, dining and tickets. According to the results of surveys in the field, the race generates a 200-300 percent markup. The 2011 Grand Prix added HUF 20 billion to Hungary’s budget. The gained advertising value is also remarkable, since the race was watched by 100 million viewers on the television.
