BEIJING, Aug 4 (Bernama) -- The 2008 Olympics will add 105.5 billion yuan (RM48 billion) to Beijing's economy from 2004 to 2008 and boost its annual growth up to 12.3 percent at the peak of its preparation, the state media here reported.

The Games will also bring an additional two million tourists including 300,000 foreigners to the Chinese capital, and they are estimated to spend a total of 7.7 billion yuan (RM3.5 billion) to boost hotel, catering, entertainment, transport and other services sectors.

It is predicted that every domestic tourist will spend 1,200 yuan (RM545) and every overseas visitor will spend US$1,050 (RM3780) during their stay in Beijing.

So, the total additional revenue is estimated at nearly 7.7 billion yuan, China Daily on Friday quoted government statistician Pan Fan as saying.

The gearing up for the Olympics will also see a rise of an annual average of 0.8 percent to Beijing's Gross Domestic Product (GDP) from 2004 to 2008.

Pan, who is in charge of economic surveys in Beijing under the National Bureau of Statistics, said new investments will boost GDP by another 1.03 percent this year, 1.14 percent in 2007 and 0.85 percent in 2008.

"We estimated that between 2005 and 2007, when the Olympic investment reaches its peak, the average annual growth rate of Beijing's GDP will be 12.3 percent, at current prices," he added.

Nearly 80 percent of new investments for the Olympics would focus on postal and telecommunications, infrastructural facilities and to improve the environment.

From 2004 onwards, the Olympics will pour 17.28 billion yuan into Beijing's construction industry and 5.45 billion yuan to the finance and insurance sectors.

The preparation of the Games is estimated to create 1.82 million jobs with more than a quarter in the construction industry followed by 130,000 jobs in wholesale and retail.

This is cache, read story here