Mexico City, Mexico - Hosting the Formula One Grand Prix in Mexico City will generate an economic impact of $2 billion over a five-year period Mexico tourism officials say.

The race returns to the Hermanos Rodríguez circuit this year for the first time since 1992.

Undersecretary of quality and regulation at the ministry of tourism, Francisco Mass Pena, said the race will create 18,000 jobs and will directly contribute to 60 percent occupancy of the city's hotel room stock.

"Over the three-day event, some 520 million television viewers will watch the race and see Mexico in the process," he said.

The head of Mexico racing team Telmex, Carlos Slim Helu, said 250,000 spectators are expected over race weekend with at least 100,000 watching the race itself on Nov. 1st.

It will also be the first race on home soil for highly rated Mexican driver Sergio Perez who gained a top-10 finish in last season's standings.