The bad news is that, without a doubt this had much to do with the Olympics, as, maybe, do temporarily declining unemployment figures.
Now that\’s not bad per se: what that proves is that government spending can stimulate the economy without detrimental consequences. No, it\’s bad because the Olympics is over and there\’s not only nothing to replace it and there are massive further cuts in progress.
The contribution to growth coming from the spending on the Olympics. Wouldn\’t that all have been while they were building the various places? Not the having of the games but the preparing for them?
I don\’t hear anyone saying that tourism was up during the games (far from it in fact). So I really don\’t see where that growth, in this quarter just reporting, comes from.