VI
EN
Euro 2024 is being hailed as a huge gift for the German economy, promising massive revenue, especially from international tourism. Economic forecasters are presenting impressive figures.
Euro 2024 is being hailed as a huge gift for the German economy.
The allure of the Euro, the world's second-largest football championship, coupled with the participation of the German national team – the mighty "tank" – is expected to attract over 1 million foreign tourists to Germany. This massive influx of visitors will contribute to increased revenue for service industries such as hotels, restaurants, transportation, and tourism, estimated at over $1 billion.
The tourism sector contributes significantly to Germany's GDP, and Euro 2024 is expected to boost economic growth in the second quarter of 2024. Increased demand for tourism services will create many new job opportunities for local residents, helping to reduce unemployment.
This huge influx of tourists will contribute to increased revenue for Germany.
Euro 2024 is a golden opportunity for Germany to promote its image to international tourists, attract investment, and foster business cooperation. Besides the football matches, visitors will also have the chance to explore famous German tourist destinations such as Berlin, Munich, Cologne, and more.
In the IFO report, researcher Gerome Wolf stated that this impact would be short-lived and would return to equilibrium in the third quarter after the tournament concludes. Citing data from the 2006 World Cup, the IFO reported that Germany received over 600,000 international visitors and approximately 1.5 overnight stays during the event.
The German Ministry of Economics also expects a temporary recovery in the consumer sector, as retail sales have declined since the beginning of the year. Many experts believe the overall impact of this football tournament on Europe's largest economy depends on the performance of the national team. But Germany got off to a very good start, crushing Scotland 5-1 in the opening match of the tournament.
Besides the host nation, the organizing body - UEFA - will also benefit greatly from this year's Euro. In terms of revenue structure, television rights for live broadcasts of the matches still account for the largest share at each Euro tournament. This year, the value of television rights is expected to surpass the 1.135 billion euro (over 1.21 billion USD) mark of the tournament four years ago.
Experts agree that the overall impact of Euro 2024 on Europe's largest economy also depends on the on-field performances of the national team.
