By Ata Ufuk Seker
BRUSSELS (AA) – One of the biggest sporting events worldwide, the Paris 2024 Olympics is estimated to significantly boost France’s economy.
With the participation of approximately 10,700 athletes, the games are scheduled to take place on July 26–Aug. 11.
The investments made in France’s construction sector prior to the event have revived the industry, while the high number of visitors led to an increase in demand and activity in the service sectors.
- Paris 2024 becomes most ticket-selling Olympic game in history
Having sold 9.3 million out of 10 million tickets so far, the Paris 2024 Olympics became the most ticket-selling Olympic game in the event’s history.
Ticket prices range from around $97 to over $2,900, and the most expensive ticket holders have also bought a package for included catering at $4,200.
Tourists in the French capital are estimated to spend $2.8 billion during the event, according to the Paris Tourism Office.
The tourist spending is expected to give a boost to the French economy while inflation and the cost of living are on the rise.
The official budget of Paris 2024 Olympics is estimated at $9.5 billion, and the hosting country’s expenditures for the duration of the event is estimated to reach $10.8 billion.
The games are expected to contribute around $7.2 billion to $12 billion to the Paris Region, data from the French-based research organization Center for Law and Economics of Sport (CDES) showed.
The event will create 181,000 jobs and act as a lever to boost economic activity and employment, according to the Paris 2024 Organizing Committee for the Olympic and Paralympic Games.
A study conducted by the consultancy firm Asteres revealed that the spending associated with the organization of the Olympics is equivalent to public spending, as the study estimated that France will generate $5.7 billion in tax and social security revenues from the event.
*Writing by Emir Yildirim in Istanbul