Germany, as the host of Euro 2024, is expected to receive a significant economic boost of one billion euros from foreign tourists traveling to the country for the football games. The Ifo institute projected this surge in tourism to contribute about 0.1% of the country's economic output in the second quarter of the year. The hospitality and food retail sectors in Germany are anticipated to be the primary beneficiaries of this influx of visitors, as per the country's top economic research institute.
The anticipated impact of Euro 2024 on Germany's economy includes an estimated increase of over 600,000 foreign tourists and 1.5 million additional overnight stays during the championship. These projections are based on data from the FIFA World Cup hosted by Germany in 2006. The German Economy Ministry also foresees a temporary upturn in consumer-facing sectors following subdued retail sales this year, although not expected to reach the levels seen during the 2006 World Cup.
Experts emphasize that the overall effect of Euro 2024 on Europe's largest economy will be influenced by the performance of the German national team in the tournament. The outcome of their matches, starting with the game against Scotland, will play a significant role in shaping the economic impact of the championship. The tournament-related expenditures by football tourists are projected to contribute only a fraction of total domestic consumption in Germany's large economy
In conclusion, the hosting of Euro 2024 in Germany is poised to bring substantial economic benefits through increased tourism and consumer spending. The short-term boost to the hospitality and retail sectors highlights the potential for positive economic outcomes from major sporting events like the European Championship. As the tournament progresses, the performance of the German national team will continue to be a key factor in determining the overall economic impact on the country.
