Sports Contribution in Gross Domestic Product

General News | Feb-27-2021

Sports Contribution in Gross Domestic Product

In general, it's estimated that the sports economy is worth between 1 and a couple of percent of GNP in various countries, and is tending to grow faster than most other sectors. At an equivalent time, this economy is becoming increasingly international, claiming a growing share of world trade. Furthermore, it should be noted that such figures don't take into consideration the very considerable contribution of nations volunteers active in the least organizational levels of the sport. Concerning the funding of physical and sporting activities, attention should be drawn to the low level of resources available within the least developed countries, and to the tendency of public authorities in numerous countries, including many industrialized countries, to chop their sports budgets and place greater reliance on extra-budgetary sorts of funding; lotteries and depending on the sport. Ensuring that each one has a chance to interact regularly in physical and sporting activities must be seen as an integral part of development. Very often the statistics under discussion are player salaries, team payrolls, revenues from merchandising, promotions and broadcast rights and their distribution representation, arbitration, and salary caps. Studies in Canada have shown the measurable economic impact of sporting activities for all on health spending. The marketing of sports items and therefore the use of sport for selling other sorts of goods, especially through publicity and sponsorship may be a notable and steadily growing phenomenon. Quite likely it's non-commercial considerations that prompt the leaders of increasingly numerous countries to dream of hosting the Olympics. More and more voices are being raised to urge limits to the large and complicated nature of the facilities and equipment, in favor of more systematic decentralization of major events and more balance.

By: Jyoti Nayak

Birla School, Pilani