The report, entitled The Economic Impact of the London 2012 Olympic and Paralympic Games and produced by Oxford Economics on behalf of Lloyds Banking Group, a London 2012 sponsor, expects 57 per cent of the GDP effect linked to the Games to stem from construction projects occurring before 2012.

Of the £7 billion ($11 billion/€9 billion) or so benefit that the country's creaking economy has still to enjoy, around £2 billion ($3.1 billion/€2.5 billion) should come at Games-time from tourism and spending on staging the event.

The remaining contribution would come over the five-year so-called "legacy period" running through to 2017.

This "could generate as much as £5 billion ($7.8 billion/€6.2 billion)", equivalent to around 30 per cent of the total economic effect expected.

The report says that a total of 10 million people are expected to visit the Games competitions, some 1.2 million of these coming from overseas.

The net effect on United Kingdom tourism over the entire 2005-2017 period covered by the document is that there will be an estimated 10.8 million additional visits, including 400,000 pre-Games business trips and more than 1.6 million visits after 2012.

"Even if it is still uncertain whether London 2012 can help to kick-start a sustained economic recovery, the benefits to businesses are clear," said John Maltby, group director commercial of Lloyds Banking Group.

"Unprecedented opportunities for trade and a real competitive advantage in years to come; invaluable training and experience for employees; and an incredible contribution to economic activity across the UK."

Future benefits from the Games for the UK are also forecast to include reintegration into work for 3,000 formerly unemployed people and better job and earnings prospects for nearly 78,000 workers involved in the London 2012 construction project.

The report can be viewed here.

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