To ask the Scottish Executive what information it has on the economic impacts of the G8 summit and related events.
The Scottish Executive commissioned an independent study to estimate the summit’s economic impact, including benefits and costs. I am publishing the study today. Copies of the study have been placed in the Scottish Parliament Information Centre (Bib. number 38309).
The G8 summit offered an unprecedented opportunity to promote Scotland on the international stage. The first-class policing and security operation underlined once again that Scotland is a great location for hosting major events. The Executive ensured we made the most of the opportunity G8 offered to promote Scotland.
The G8 summit also delivered economic benefits for Scotland. There were clearly costs to the Executive associated with hosting a high-profile event of this magnitude. But the summit also delivered immediate and longer term economic benefits.
The study includes a detailed assessment of the economic impact of the summit. The key findings were:
additional spending directly associated with the G8 summit was worth almost £65 million to the Scottish economy, while the net cost to the Scottish Executive was £60 million;
the value of the worldwide media coverage immediately around the time of the summit has been calculated at over £66 million;
using this figure, the report estimated the longer term pattern of coverage to be £618 million over the six months up to and including the summit despite the inevitable impact of the London terror attacks on the first full day of the summit, and
the most important impacts will occur over the next few years as the increased profile that Scotland generated takes effect and is used to create new economic opportunities.