2024-07-09 15:29:00
IThis will indeed have an Olympic effect on the French economy. By 2024, it should grow by 1.1%, INSEE said on Tuesday July 9, but the consequences of the political situation remain uncertain.
After a 0.2% increase in the first quarter, gross domestic product is expected to rise by 0.3% in the second quarter and by 0.5% in the third quarter, thanks to the positive impact of the Olympics. This “one-off effect” will disappear in the final quarter, when GDP will fall by 0.1%, according to the National Institute of Statistics and Economics.
Similar impact to the London Olympics
The economic impact of the Olympics (July 26-August 11) and Paralympics (August 28-September 8) will therefore be comparable to that of the London Olympics, which boosted the UK economy by 0.2 to 0.4 percentage points in 2017. In the third quarter of 2012, the total grew by 1%.
The statistics organization argued that “London and Paris are two major European capitals with developed tourist economies and well-developed urban infrastructure,” while rejecting “less relevant” comparisons with the 2016 Rio Olympics or the 2021 Tokyo Olympics.
For the 2024 Olympics, most of the growth drivers are related to ticket sales (+0.15 percentage points of GDP, or €1.2 billion in revenues for the organizing committee) and broadcasting rights (+0.1 percentage points of GDP, or €750 million in revenues), which INSEE chose to record in the third quarter.
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