Pope's visit earns Madrid an estimated 160 million euros
Figure drops considerably when promotional impact of World Youth Day event is factored out
With the World Youth Day (WYD) celebrations in Madrid finally over, estimates vary as to the economic impact the pope's visit has brought to the capital. The WYD organization itself has calculated the profits for the city at 100 million euros, while the official Madrid Chamber of Commerce and Industry has estimated the combined benefits for the hostelry, transport and retail sectors at 160 million euros.
However, after consultation with those three sectors, the figure drops to 52.8 million euros without taking the promotional impact of the event for the city into account, as the WYD organization had.
The biggest beneficiaries have been restaurateurs (a 30-million-euro turnover) and hotel owners (15 million euros).
The archbishop of Madrid has charged accountancy firm PwC to perform a definitive audit of the event's economic impact.
