The study, by academics from Sheffield Hallam University for Government agency UK Sport, also found that consumer spending of around £20 billion ($26 billion/€23 billion) is generated and provides employment for more than 620,000 people across the UK.

Between them Olympic and Paralympic sports account for more than half of the entire sporting economy, more than one per cent of the entire UK economy and more than two per cent of all UK employment. 

The study says that road cycling alone is now worth £2.3 billion ($3 billion/€2.6 billion) to the UK economy, rising to £3.6 billion ($4.7 billion/€4.1 billion) if the wider supply chain is included, and supports 75,000 jobs. 

The strength of the Paralympic sport sector is shown by a value of more than £2 billion ($2.6 billion,/€2.3 bllion) with wheelchair basketball alone being worth £42 million ($55 million/€42 million) to the country. 

And with three months to go until the Olympic and Paralympics Games in Pyeongchang, winter sport is shown to be an increasingly popular industry, with ice skating alone worth £400 million in the UK ($524 million/€451 million).

"This report for the first time shows the huge value of Olympic and Paralympic sport to the wider economy in terms of jobs and consumer spending," UK Sport chairman Dame Katherine Grainger said. 

"We know that our Great British medals in recent and future years can help to inspire the nation to get active and take up sports and exercise, whether in a local park run or aiming for an Olympic podium. 

"That’s why investing in our medal success through the National Lottery is also investing in the health and wealth of the country as a whole."

The data also suggest that British success in Olympics  Beijing 2008, London 2012 and Rio 2016 has helped to spark an upsurge in economic activity in sports such as running, cycling and swimming.

Employment generated by Olympic and Paralympic sports now larger than the entire sports sector was back in 2004. 

The report uses official accounts to measure the sector’s contribution to different industries and takes into account public participation in sport, as well as the Government and Lottery-funded elite end of Olympic and Paralympic sport.

The report, by sports industry experts Professor Simon Shibli and Themis Kokolakakis, concludes that Olympic and Paralympic sports are "fundamental" to the economy in trems of both finance and employment within the overall sport industry. 

"Their contribution to employment at 2.1 per cent is much higher than their contribution to GVA (gross value added), implying that growth in Olympic and Paralympic sports will result in an accelerated rate of growth in employment," it states.

UK Sports Minister Tracey Crouch, said: "Sport is hugely important to British life. 

"It strengthens communities, increases physical and mental health and, as this report clearly shows, makes an enormous contribution to our economy. 

"The incredible performance of our Olympic and Paralympic athletes not only inspires millions of people in the UK to get active, but helps boost the sports economy, providing jobs and driving growth across the country."

Shibli, one of the authors of the report, aded: : “The Government’s strategy for 'Sport, Sporting Future', requires organisations to consider not just how they contribute to the nation’s health or well-being, but to the economy as well. 

"UK Sport has shown considerable leadership in acting on behalf of Olympic and Paralympic sport to quantify their contribution to the economy. 

"While the public have enjoyed watching the unprecedented medal success we have enjoyed since Sydney 2000, they are perhaps unaware of the huge contribution that Olympic and Paralympic sport make to the UK economy. 

"We hope that this report is a useful first step in addressing the research needs of the fifth outcome area in Sporting Future - economic development."

To read the full report click here.