"Portuguese officials confirmed that the country will once again host the Formula One Grand Prix in 2027 and 2028, at the Algarve International Circuit in Portimao, speaking in Lisbon on Tuesday. "The return of Formula One projects a modern Portugal, with ambition, dynamism and the capacity to join a very select club of countries that can host this highly relevant event,’ he said. ‘It is an event that will play an essential role in promoting the international image of Portugal, and particularly the Algarve, as a diverse tourist destination," Manuel Castro Almeida, Portugal’s Minister of Economy and Territorial Cohesion, said. He described the event as a significant boost for tourism and the national image. The minister highlighted the anticipated economic impact, estimating that the Grand Prix could draw around 200,000 visitors each year, including 150,000 spectators. "The economic impact is expected to be no less than €140 million each year. The estimated cost to the State will be less than the expected tax revenue from the economic activity associated with these races," Castro Almeida said. The minister also emphasised the promotional reach of the event. "More than 920 million followers are expected for each of the Grand Prix races, over more than 4,000 hours of television broadcasts. In short, it is a great opportunity for Portuguese fans of this sport to watch the races live," the minister said. Portugal last hosted Formula One in Portimao, and the upcoming races will take place there at in 2027 and 2028 as well. The first Portuguese Grand Prix took place in 1958 in Porto."