IFEMA MADRID has solidified its position as a key economic driver, recording a remarkable €5.779 billion impact on Madrid’s economy in 2024. This significant contribution, unveiled in a comprehensive PwC report, underscores the institution’s pivotal role in fostering growth, employment, and innovation within the region.
The study reveals that IFEMA MADRID’s impact translates to 3.2% of the City of Madrid’s GDP and 2% of the Madrid Community’s GDP, marking a substantial 13.2% increase in wealth creation compared to previous estimates. The institution’s influence extends to job creation, with 47,691 jobs directly or indirectly supported, reflecting a 21.2% surge from pre-pandemic levels.
Jose Vicente de los Mozos, president of IFEMA MADRID’s Executive Committee, emphasizes the institution’s commitment to enhancing Madrid’s global visibility and driving future growth. Daniel Martínez, Executive Vice President, highlights the significant multiplier effect, where every euro generated by IFEMA MADRID results in €25 in the wider regional economy and each direct job created leads to 102 jobs across different sectors.
In 2024, IFEMA MADRID hosted a total of 740 events, including trade fairs, congresses, cultural shows, and conventions, attracting over 4.06 million attendees and featuring more than 34,400 exhibiting companies. The institution saw a substantial revenue increase of 30%, reaching €230.2 million, with a net profit growth of 166% to €18.6 million and an EBITDA of €48 million, up by 76% year-over-year.
The economic impact of IFEMA MADRID transcends event revenue, as domestic visitors contribute €809 per person and international trade visitors generate €1,582 each. National exhibitors and international participants add €50,352 and €73,568 on average, respectively, reflecting the institution’s profound influence on regional economic activity.
IFEMA MADRID’s success has catalyzed growth across various sectors in Madrid. The hospitality industry recorded revenue of €1.029 billion, while the manufacturing sector earned €784 million and transport and storage services generated €556 million. The retail trade sector also benefited significantly, amassing €461 million in revenue, collectively comprising 43% of IFEMA MADRID’s indirect economic contribution.
Jordi Esteve from PwC underscores IFEMA MADRID’s pivotal role in Madrid’s economic landscape, with the institution accounting for significant percentages of output in key sectors such as retail, telecommunications, and vehicle manufacturing, solidifying its status as a crucial economic hub in the region.
IFEMA MADRID’s fiscal impact is equally substantial, contributing €1.064 billion to public coffers in 2024 through taxes and social security, representing 3.9% of the Madrid Community’s entire budget. The organization’s employment impact is vast, equivalent to a significant portion of the population and jobs in various districts, underscoring its local influence and significance.
Madrid’s prominence in hosting trade fairs is evident, with one in five such events held in Spain and the region accounting for nearly 40% of the sector’s national turnover and employment. IFEMA MADRID’s leadership ensures Madrid remains a dynamic hub for trade shows and cultural events, playing a vital role in the region’s post-pandemic recovery and future economic development.
📰 Related Articles
- Chinese Firms Inject $1.75 Billion into Ethiopia’s Economy
- Xerox to Acquire Lexmark for $1.53 Billion, Strengthening Market Position
- Xerox to Acquire Lexmark for $1.5 Billion, Industry Consolidation
- Xerox Acquires Lexmark for $1.5 Billion, Expands Market Reach
- Xerox Acquires Lexmark for $1.5 Billion to Expand Portfolio