The Economic Impact of the Paris Olympics

The economic impact of the Paris 2024 Olympic and Paralympic Games in the Île-de-France region is estimated at between €6.7 billion for the low scenario and €11.1 billion for the high scenario over a 17-year period (2018-2034), according to a study published on Tuesday by the Centre de droit et d'économie du sport (CDES). The intermediate scenario is estimated at €9 billion.

The study on the economic impact of the Games measures the increase in economic activity within the Ile-de-France region compared with a situation without the Games, i.e. the net injection of revenue into the regional economic fabric.

"This does not give any indication of the profitability of the event," explained Christophe Lepetit, head of economic studies and partnerships at the CDES, before adding that it was difficult to compare with previous editions where other methodologies had been used.

For its study, the CDES divided the impact into three phases - preparation (2018-2023), staging (2024) and legacy (2024-2034) - and three sectors - organisation, construction and tourism.
Christophe Lepetit pointed out that "it is in the tourism sector that there is the most uncertainty."

"Paris and the Ile-de-France region will be welcoming nearly 16 million visitors, including around 2 million foreign visitors," added Olivia Grégoire, Minister Delegate with responsibility for Tourism, at a press conference.

"For every euro of public spending, we generate three euros of economic impact in the Paris Region," stressed Christophe Lepetit. Public spending was estimated by the Cour des Comptes at €3 billion in July 2023.

As part of this study, the Organising Committee stated that 88% of the contracts awarded by Paris 2024 were won by French companies - 66% in the Paris Region - 79% of which were very small businesses.

Paris 2024's purchasing budget amounts to €2.7 billion (out of a total budget of €4.4 billion) and represents some 850 invitations to tender already issued, resulting in 1,400 contracts signed with nearly 3,000 companies (2,400 direct suppliers and 600 subcontractors).

Read More: Your Fashion Guide to 2024 Paris Olympics, How Smaller Brands are Scoring Big with Olympic Uniforms, Sports & Fashion: Game, Set, Match

Source: Fashion Network

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