WYD Lisbon 2023
World Youth Day Lisbon 2023: a beneficial economic impact on territory and population
An independent study estimated an impact of between 411 and 564 million Euros in Gross Value Added
In order to determine the economic impact of the World Youth Day (WYD) Lisbon 2023 on the national economy, PwC Portugal, with the technical support of the Lisbon School of Economics & Management (ISEG), carried out a study on the estimated economic impact of organizing the meeting in Portugal. The results of the study, completed by an independent entity and delivered to the WYD Lisbon 2023 Foundation, indicate an estimated overall impact of between 411 and 564 million Euros, in terms of Gross Value Added, and between 811 and 1,100 million Euros, in terms of production.
On the basis of a standard methodology (input-output analysis), based on the characteristics of the Portuguese economy, the information gathered by PwC from public sources, the history of WYD editions and the organizers of WYD Lisbon 2023, it was possible to estimate the expenses attributable to organizing the largest gathering of young people from all over the world with the Pope.
Taking into consideration the costs of the participants for accommodation, food, business, transportation and other expenses, as well as the investments associated with organizing the meeting, the study covers the WYD events between August 1 and 6, the Days in the Dioceses, which are held across the country and which precede the Lisbon meeting, and any additional stays, in the case of part of the foreign participants, beyond the days planned for the meeting.
The estimated impact derives from a conservative basis, that is, with values attributed to the predicted lower limit, with regard to the number of participants, the level of average daily expenditure per participant, the prolonged stay by international pilgrims, and the public investment associated with organizing the meeting (amounts communicated and/or allocated by the Municipalities of Lisbon, Loures and Oeiras, and the Central Administration), which predicts that the actual impact will be higher than the value presented. The variables - number of participants and average daily expenditure - were also subject to sensitivity analysis.
The economic impact study did not take into account the tangible effects that are expected to result from the acceleration of urban renewal projects in Parque Tejo and on the riverfront in the municipality of Loures, as well as other small interventions in the venues of the meetings, which are expected to generate benefits at various levels.
The short-term negative intangible effects common to any large-scale event, such as overcrowding of public services and facilities and traffic congestion in some areas of the city, were not taken into account, nor were others that are expected to produce long-term positive economic effects, such as the international promotion of Portugal as a tourist destination and the improvement of the country's general profile.
(Press Release from JMJ Lisboa 2023. Original: portuguese)
06 July 2023
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