An economic impact report of the Punchestown horse racing festival has estimated that the economic contribution of the event is about €43m.
The report was carried out by NUI, Maynooth. The results were derived from the survey conducted during last year's Punchestown Festival.
The report calculates the direct economic effect of last year's Punchestown Festival to be €32.9m. During the four days of the festival on-course spending totalled €7.6m, off-course expenditure - including accommodation, food and entertainment - was €17.8m while a further €7.5m was spent on travel and subsistence.
The report also added on an additional €10m in multiplier, or indirect economic effects. When added together these figures bring the total estimated economic contribution of the Punchestown Festival to €42.9m.
'This report underlines the significance of horse racing economically and as a tourist attraction in Ireland, it also reinforces what all of us have known for years - the Irish racing industry contributes to the social and economic fabric of Irish life,' commented John O'Donoghue, the Minister for Arts, Sport & Tourism.
