Olympic Games 2024: how the sporting event is good for the French economy

© Unsplash/Julio Hernández

After two weeks of sport throughout Paris, the Olympic Games ended this Sunday, August 11, 2024. Last night, the impressive closing ceremony of the world sporting event was held at the Stade de France, which was enough to end this sweet interlude in style. At the end of these 17 days of celebration and sport, the United States won with 126 medals, but France has no reason to be ashamed of its performances. Indeed, French athletes allowed France to climb to fourth place in the rankings, with 64 medals, including 16 gold.

The Paris Olympic Games were the highly anticipated event and, unsurprisingly, they punctuated the summer of many people. While the country's economic situation has been disrupted by the dissolution of the National Assembly and the legislative elections, the 2024 Olympic Games are positioned as a glimmer of hope.

A boost for France's economic growth ?

The Olympic Games have helped to promote France on many levels. From an economic point of view, it would seem that the sporting event has a mostly positive impact. Without working real miracles, the 2024 Olympic Games should be a welcome boost. At least, that is what the Banque de France is announcing. In its monthly economic survey, the Paris Olympic Games should provide an additional 0.25 points of growth in the third quarter.

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In buildings and services, activity was up in July 2024. However, not everything is rosy: although tourists have enabled rental and accommodation to grow, catering is experiencing a decline. Indeed, the loss of the usual summer clientele has, unfortunately, not been compensated by visitors from all four corners of the globe.

While the Banque de France is optimistic, the boost from the 2024 Olympics on the French economy should disappear in the fourth quarter according to the chief economist of the BnF, Olivier Garnier. Uncertainty is therefore still there. But not everything is definitively gray since the 2024 Olympics could well have positive economic repercussions in the longer term. Indeed, a study by the Center for Sports Law and Economics (CDES) expects repercussions until 2035. Tourism would be particularly boosted by the Games in the long term, with up to 3 billion euros in economic repercussions. Hopes that are, all the same, to be taken with a pinch of salt.

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