UK economy set to benefit from £16.5 billion ‘Olympic effect’
03 July 2012
- £16.5 billion GDP contribution expected from Games, its build-up and legacy
- Construction and tourism are the key sectors driving this increase
- More than half the GDP impact from tourism and construction is being generated by small and medium sized businesses.
- First five legacy years set to provide £5 billion of games-related GDP
- ‘Happiness effect’ equivalent to a £165 gift to each of the UK population
- Games set to support 354,000 years of employment nationwide
- Economic impact of the Games can be seen across the UK
The UK economy is set to benefit from £16.5 billion of GDP, as a direct result of the London 2012 Olympic and Paralympic Games and its legacy, according to a new study from Lloyds Banking Group.