Britain’s Olympic and Paralympic teams may have brought home more medals than organisers had dreamed possible but the Games themselves have probably failed to lift the economy as much as the government had hoped.
The country’s gross domestic product will grow 0.6 percent in the current quarter, according to the latest Reuters poll, revised down from a 0.7 percent prediction in an August poll.
That is enough to drag Britain out of its second recession in four years but most of the bounceback is from an extra working day and better weather in the quarter.
“The Olympics’ actual effect will only be small,” said James Knightley at ING Financial Markets.
Before the sporting extravaganza kicked off, Britain’s government touted the Olympics as a historic opportunity to showcase UK business and tourism.