Numeri spietati sugli impatti economici delle Olimpiadi

􀂄  The short-term effects  derive from the expenditure on goods and services related to the hosting of the Olympics, which are recorded as output when the expenditure occurs. The London Organising Committee of the Olympic Games (LOCOG) estimates that it is likely to spend around £2bn in total—in temporary employment of staff, security,
etc.—with more than half of this amount (around 0.3%-0.4% of GDP) likely to be spent within Q3 itself.2  Hoteliers, restaurateurs and retailers are also likely to witness an increase in output as they cope with the additional demand from overseas visitors. Set against this, however, some tourists may avoid coming to the UK because of the Olympics and the output of other businesses is likely to suffer as a result of transport disruption related to the Game

There are also likely to be indirect (or multiplier) effects from the additional expenditure related to the Olympics. The positive multiplier effects from this year’s Games could be larger than they have been in past Olympics, such as Beijing, Athens and Sydney (when the host economies were already operatine close to full capacity). It is difficult to estimate what the net effect of the indirect and other offsetting effects will be. As a central estimate, we have assumed that these effects will net out and that the overall short-term effect of staging the London Olympics will be to boost UK economic output in 2012Q3 by around 0.3-0.4ppt qoq (+1.2-1.6%qoq annualised).3  This short-term benefit will be largely reversed in Q4.