How hosting Euro 2024 could impact the German economy
Europe's largest economy is expected to grow around 0.3% this year, slower than other large industrialised countries. The following is an overview of how the tournament could give it a welcome boost.
Germany will be hoping for sporting success as host of the 2024 Euros soccer championship kicking off in a month's time, but it will also be looking for a consumption boost from all the fans guzzling beer and staying in hotels and rented rooms.
Europe's largest economy is expected to grow around 0.3% this year, slower than other large industrialised countries. The following is an overview of how the tournament could give it a welcome boost.
There are 2.7 million tickets available for the four-week event from 14 June to 14 July. The hosting venues Berlin, Munich, Cologne, Dortmund, Duesseldorf, Frankfurt, Gelsenkirchen, Hamburg, Leipzig and Stuttgart can expect a rush of domestic and foreign guests.
"People are more active when it comes to travelling, for example going to major events and concerts by international stars," said Norbert Kunz, Managing Director of the German Tourism Association (DTV).
Breweries can also expect a boost.
"Large football events in the past have shown that more beer is drunk during the tournament than is normal in the summer weeks," said Holger Eichele of the German Brewers Association.
During the 2006 World Cup, which Germany also hosted, beer sales rose around 5% before and during the tournament.
Commerzbank economists say the economy could stagnate in the second quarter - which includes the first half of the tournament - after growing by 0.2% from January to March.
Commerzbank economists say the economy could stagnate in the second quarter - which includes the first half of the tournament - after growing by 0.2% from January to March.
"A major sporting event can brighten the mood and improve the image of the host country," said the IW's Groemling, speaking about its allure at a time when foreign direct investment into the country has fallen.