Paris: As the Paris Olympics draw to a close on Sunday, the event has significantly bolstered the French economy, according to France’s Tourism Minister. The influx of visitors has been a boon for hotels, bars, restaurants, and museums across the country.
France, the euro zone’s second-largest economy, has been relying on the Games to invigorate its sluggish economic growth. Statistics suggest a potential 0.3 percentage point increase in growth due to ticket sales, TV rights, and enhanced tourism.
In an interview with La Tribune Dimanche published on Sunday, Tourism Minister Olivia Gregoire revealed that hotel bookings in French cities hosting Olympic events had surged by 16% compared to the previous year. Additionally, visits to Paris museums and spending at the city’s restaurants and bars saw an average increase of 25%.
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Visa, a corporate sponsor of the Olympics, also reported earlier this month that small businesses in Paris have experienced a boost in sales, as indicated by their card transaction data.
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Furthermore, the Bank of France announced on Friday that the nation’s economy is projected to grow by at least 0.35% in the third quarter, partly due to the temporary economic uplift from Olympic-related activities.
