Economic gain from Web Summit less than expected for Portugal

economic gain from web summit less than expected for portugal

Sumary of Economic gain from Web Summit less than expected for Portugal:

  • An assessment carried out by the Gabinete de Estratégia e Estudos on behalf of the Portuguese finance ministry shows revenue and job gains were both lower than predicted.
  • The study, which was first reported on by Portuguese publication Jornal de Negócios, found that between 2016 and 2019 the summit generated €77.5 million less in revenue for the state and €196 million less in value-added tax than forecast.
  • Over the period under review, it is estimated that Web Summit led to an extra €115 million in revenue for the state, and €252 million in value-added tax.
  • Relocation of the tech conference enabled the company to significantly grow its flagship event,with the number of registered attendees rising from fewer than 30,000 in Dublin in 2015 to 50,000 a year later.
  • The news caused significant disquiet in Portugal, a country where citizens have largely been in favour of the annual event.
  • Although relocation to Lisbon may have been of less benefit to Portugal than anticipated, it has certainly boosted revenue for the company behind Web Summit.
  • Manders Terrace, which also operates a number of sister conferences, recorded revenue of €47.9 million in 2019, up from €35 million a year earlier.
  • Informed sources who spoke to The Irish Times estimate that more than 50 per cent of the event company’s revenue for 2020 came from government sources, as well as via the European Commission and industrial development boards.

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