Meetings industry of Prague generates 170 million euros

 Monday, November 20, 2017 


prague300The meetings sector of Prague inclusive of conferences, congresses, corporate meetings and incentive events has generated an annual income of between 170 and 200 million Euro to public budgets as per a fresh KPMG study that was prepared for the Prague Convention Bureau.


Only 3.9%, between 6.5 million and 7.5 million Euro would be returned to the budget of Prague.


Based on the analysis of KPMG the performance of the tourism business of Prague of which the meetings industry is an essential part represented approximately 1.3 billion Euro on 2016 representing about one third of the overall performance of the Czech Republic.


At the same time it is also 6 to 7% of the economic performance of the capital that makes tourism one of the most significant economic sectors in Prague.


The meetings sector accounts for 1.1% of the GDP of Prague or 15% of the GDP of the tourism industry of this part of the world.


Contrasting to leisure tourism the meetings sector is many time more lucrative in terms of spending by international congress participants. On an average a congress delegate coming from abroad spends 218 Euro which is about four to five times more than spending by leisure tourists.


Ondřej Špaček, KPMG expert on tourism feels that the meetings industry of Prague ushers in quite a handsome sum of money to public budgets but then it also leads to specific jobs.


This implies that roughly 5,470 full-time jobs that is about 5.5% of the total employment in tourism in the metropolis.


The meetings industry in the Czech capital is also expecting robust growth.


As per the data from the Czech Statistical Office 2016 was a year when the highest number of events in the last 10 year took place in Prague.


Roman Muška, director of the Prague Convention Bureau feels that Prague possesses great potential for event organizers.


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