Market News

Euro2024 Football Championship to Lift German GDP This Quarter - BLOOMBERG

JUNE 14, 2024

Zoe SchneeweissBloomberg News

<p>A UEFA Euro 2024 trophy istallation at Hauptbahnhof station in Berlin.</p>, Photographer: Maja Hitij/Getty Images

A UEFA Euro 2024 trophy istallation at Hauptbahnhof station in Berlin.

, Photographer: Maja Hitij/Getty Images

(Bloomberg) -- The monthlong European football championship that kicks off in Germany on Friday will boost the economy by 0.1% in the second quarter, according to the Ifo institute.

“However, the effect will only be short-lived, meaning that service exports due to tourists returning home after the end of the Euro 2024 are likely to fall again in the third quarter and, on balance, remain the same,” Ifo researcher Gerome Wolf said in a report. 

Major sports events typically “have a rather minor impact, with the exception of tourism,” Ifo said, drawing comparisons with the 2006 World Cup that also took place in Germany. While domestic consumers briefly boost hospitality and food outlays, they reduce other spending, so private consumption as a whole “will likely remain unaffected.” 

“At the beginning of the 2006 World Cup in Germany, arrivals and overnight stays by foreign guests rose respectively by 25%,” adds Wolf. “If we take that as a basis for the 2024 European Championship, we can expect more than an additional 600,000 foreign tourists and 1.5 million additional overnight stays,” he said. “That will probably be reflected in higher overnight rates and sales in the hospitality industry.” 

Major sporting events regularly distort economic output. Switzerland, which is the home to sporting bodies like FIFA, UEFA and the International Olympic Committee, now publishes gross domestic product numbers that excludes them. 


This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics