The TT Races and Isle of Man Festival of Motorcycling has boosted the island economy by £31 million this year.

A survey shows that the 2017 Isle of Man Festival of Motorcycling brought over more than 16,000 visitors, who spent £44 million during the events, resulting in £31 million being contributed to the local economy.

Laurence Skelly MHK, Minister for Enterprise, said: ’Capitalising on the potential contribution that the TT Races and Festival of Motorcycling can make to the Isle of Man’s economy is an integral part of our overall tourism strategy to grow and develop the sector.

’The strength and successful delivery of both events gives us, and any businesses and individuals who operate in tourism, a really strong platform to build a year round offering.’

Rob Callister MHK, political member for tourism and motorsport, said: ’The results of these surveys highlight the importance of both events to the Isle of Man’s visitor economy.

’We are very grateful to everyone who has contributed to the successful delivery of both of these events including ACU Events, the Manx Motor Cycle Club and the army of volunteers who give up their time as well as the government departments responsible for the event delivery, and our contracted partners.

’The success of the events highlights the results that can be achieved with a strong partnership between the public and private sectors.’

In comparison to 2016 findings, the two events have attracted three thousand additional visitors to the island with a total of 61,272 visitors in 2017.

The survey revealed that there was a 2.9% increase on the number in 2016 and that visitors stayed for seven nights on average, spending £612 on their trip.

This represents a contribution to Manx National Income of just over £7.1 million and an exchequer benefit of £1.3 million.

The full surveys can be found on the government website on www.gov.im