The Sochi Olympic Games may stimulate the growth of Russian GDP by a 0.3%, the Russian Central Bank said on Tuesday.

“The Olympic Games in Sochi may produce a tangible impact on the dynamics of economic activity in the first six months of 2014. Considering the analysis of incomes and expenses, the current state of the Russian economy as well as the experience of other countries which used to host the Olympic Games, the event’s positive contribution to the economic growth is valued at up to 0.3 percentage point of the GDP,” the report says.

This impact could be felt predominantly in the first quarter of 2014 through the expansion of services offered in the hotel, restaurant and transport business (which are going to be implemented as export of services to a considerable degree).

In a mid-term perspective, the effect from holding the Olympic Games can incur certain expenses linked to servicing the Olympic facilities and financial risks linked to the self-repayment of the funds invested.

At the same time, the role of positive factors is expected to increase in a longer perspective: benefits from the new infrastructure and the favorable impact of positive changes on the activities of the local tourism industry, the Central Bank says.

The Central Bank forecasts a 1.5-1.8% GDP growth in 2014 (down from the previous forecast of 3%). Russia’s GDP is expected to grow at a rate of 1.7-2% in 2015-2016.