UK economy grows due to Olympics

October 26 [Fri], 2012, 16:08
Hey, guys. Have you seen the Olympics games in London in 2012? Obviously, a large number of peopeo went to London at that time, which definitely has a positive effect on various aspects of UK. As a result, the UK economy emerged from recession in the three months from July to September, helped by the Olympic Games.

The economy grew by 1. 0%, according to official gross domestic product figures (GDP), which measure the value of everything produced in the country. The Office for National Statistics said that Olympic ticket sales had added 0. 2 percentage points to the figures. All Olympic and Paralympic ticket sales counted towards July to September's GDP figure.

The ONS said that beyond the effect of ticket sales it was hard to put an exact figure on the Olympic effect, although it cited increased hotel and restaurant activity in London as well as strength from employment agencies.

The economy had been in recession for the previous nine months and has still not recovered the levels of output seen before the financial crisis in 2008.

The level of GDP in the third quarter of 2012 was almost exactly the same as it had been in the third quarter of 2011.

In short, the Olympics games is not only a feast for our eyes but also a good opportunity for the host’s economy. Isn’t it a win-win event?

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