Research Shows Olympic, Para Sports Worth $25B To U.K. Economy
New research shows that the value of Olympic and Paralympic sport to the U.K. economy stands at £19B ($25B). The study by Sheffield Hallam University for UK Sport also found that this sector of the sport industry generates consumer spending of around £20B ($26B) and provides employment for more than 620,000 people across the country. Between them, the Olympic and Paralympic sports (not including sports such as football and golf for which the Games are not considered to be the pinnacle of their sport) account for more than half of the entire sporting economy, more than 1% of the entire U.K. economy and more than 2% of all U.K. employment. If the wider supply chain is included, the value of the sector -- known as Gross Value Added -- increases from £19B to £30B ($39.5B). This level of economic activity makes Olympic and Paralympic sport larger than other whole sections of the economy, such as the water industry or the agriculture, forestry and fishing sector. Road cycling alone is worth £2.3B ($3B) to the U.K. economy, rising to £3.6B ($4.7B) if the supply chain is included, and supporting 75,000 jobs. The strength of the Paralympic sport sector is shown by a value of more than £2B ($2.6B), with wheelchair basketball alone being worth £42M ($55.2M) to the country (UK Sport).