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The 2024 European Football Championship will bring Germany a billion euros thanks to foreign tourists traveling to the country to watch the matches.
A figure corresponding to around 0.1% of GDP in the second quarter of the year with the German hospitality and food retail sectors set to benefit the most.
The forecast was made by Ifo, the country's main economic research institute. However, the effect is only short-lived, warn researchers at the Munich-based institute. This is because exports of services due to the return of tourists will probably decrease again after the end of the European Championship in the third quarter and will remain unchanged.
According to the institute's calculations based on the figures of the World Cup organized by Germany in 2006, over 600 thousand additional foreign tourists and 1.5 million more overnight stays are expected during the championship.
The German Ministry of Economic Affairs also expects a temporary recovery thanks to Euro 2024 in consumer-facing sectors after very modest retail sales this year. But not to the same extent as the 2006 World Cup.
Experts believe that the overall effect of Euro 2024 on Europe's largest economy also depends on the results of the German team in the tournament.
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