Beijing Olympics to generate two billion dollars in direct revenue

July 30th, 2008 - 12:47 pm ICT by ANI  

New Delhi, July 30 (ANI): The Beijing Olympics is likely to generate about two billion dollars in direct revenue for the host city.

The direct revenue came from sponsorship, licensing, advertisements, ticket sales and broadcasting rights, according to the Beijing Olympic Economy Research Association, the Peoples Daily reported.

The newspaper said that the hosting of the Olympics from August 8-24 had made a notable contribution to the capitals economic growth.

Figures released by the Beijing Statistics Bureau (BSB) showed the citys annual GDP growth between 2005 to 2008, which saw huge investments for the Olympics, would reach 11.8 percent on average, 0.8 percentage point higher than the 2001-2005 period.

In 2007, the citys GDP reached 900 billion yuan (about 132 billion dollars), up 12.3 percent over a year earlier. The Olympic factor contributed 1.14 percent to the growth rate, according to the BSB.

The bureau forecast the Olympic factor, which referred to the impetus generated by investment into infrastructure and sports facilities, would add 0.85 percent to Beijings GDP growth this year.

As a whole, the economic activities related to the Games would have generated a combined GDP of 105.5 billion yuan for Beijing during 2004-2008, according to the BSB.

City authorities reported earlier that it spent less than 13 billion yuan on the construction of 31 competition venues, 45 training venues and other Games facilities.

Nationally, the Olympics is estimated to generate an overall economic benefit worth some 600 billion yuan, according to a study by Lin Xianpeng, a Beijing Sports University professor. (ANI)

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