The economic impact of Euro Germany 2024 on the country
26-06-24
The celebration of the European Football Championship in Germany in 2024 is anticipated to be a major economic impact event for the country, with a notable increase in tourism and related activities. According to financial analysts, the event could generate up to €2 billion.
The event will attract numerous tourists, increasing demand for hotels and restaurants. The German National Tourist Board (ONAT) expects three million international overnight stays during the tournament. Petra Hedorfer, president of ONAT, notes that 92% of respondents from the UK, France and Spain plan to extend their stay in Germany because of the European Championship.
The tournament will not only benefit the hotel and gastronomy sector, but also other services. Higher demand is expected for trains, buses, cabs and sales in sporting goods stores.
Preparation for the European Championship also involves the construction of sports facilities, hotels and public infrastructure, which will stimulate the construction sector. In addition, demand for event management services, security, logistics and short-term rentals will increase.
Match ticket sales will generate significant direct revenues, supplemented by advertising revenues and sponsorships. All of this additional economic activity will increase tax revenues through tourism-related sales taxes.
Although Germany's economic growth is expected to be 0.3% this year, lower than that of other major industrialized countries in Europe, Euro 2024 promises to give a considerable boost to the tourism and service-related sectors, benefiting the German economy in the short term.
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