Olympics Boosting the Economy

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May 6, 2010

Victory Ceremony by Kris Krug

Sixth monthly gain in a row! This is what can be said about the Canada’s economy, which grew once again in February 2010. The overall increase was actually not very significant, just 0.3 percent. The biggest boost was provided by the Vancouver Olympics, according to Statistics Canada.

The economic categories affected by the Winter Olympics such as arts, entertainment and recreation saw the largest rise which was 6.1 per cent. Less growth was reported in manufacturing, which rose by 1.2 percent and retailing, increasing by 0.6 percent. Growth of 0.4 percent was recorded in the mining sector and only a very minor rise, of 0.1 percent, in construction activity.

It is not a surprise that the categories connected to the Olympics and the huge flow of tourists saw the largest growth. Actually, it is quite satisfying that many sectors are still growing, as the economy is almost back to normal. We really shouldn’t be disappointed that the rise is not huge.