Report highlights economic value of Punchestown festival

The 2011 Punchestown National Hunt Festival generated €59.8m for the Irish economy, according to a study.

Some €25m of that was spent by visitors on accommodation, food and entertainment in Co Kildare, said the economic benefit analysis report carried out by NUI Maynooth.

A total of 95,000 people attended the festival last year, 20,000 of them from overseas, predominantly the UK.

Agriculture Minister Simon Coveney said the success of the festival is down to the quality of the product.

"Even over the very tough three or four years that we have now had in terms of the Irish economy, where people don't have a lot of money to spend, Punchestown has bucked the trend," Minister Coveney told KFM radio.

"They have managed to keep growing this festival, they have managed to add to its value for the economy, and people seem to be willing to come and spend hard-earned money because of the quality of the product."