Germany’s tourism industry is predicted to soar in the wake of the 2024 FIFA Euro.

The Ifo institute predicted on Friday that overseas visitors to Germany, the host nation for Euro 2024, would enhance the country’s economy by 1 billion euros ($1.07 billion).

According to Germany’s leading economic research institute, the accommodation and food retail sectors stand to gain the most from the games. This equates to approximately 0.1% of the country’s economic production in the second quarter of the year.

“However, the effect is only short-lived, so that exports of services due to returning tourists are likely to fall again after the end of the European Championship in the third quarter and remain the same on balance,” Gerome Wolf, an Ifo researcher, stated.

The institute estimated that during the championship, more than 600,000 foreign visitors and 1.5 million additional overnight stays are anticipated, based on data from the FIFA World Cup that Germany hosted in 2006.

In addition, the German Economy Ministry anticipates a brief rebound in consumer-facing industries following extremely low retail sales this year—though not to the same degree as during the World Cup in 2006.

Experts concur that the German national team’s performance in the competition will also have an impact on the Euro 2024’s overall impact on the greatest economy in Europe.

On Friday evening, the competition will begin with their matchup versus Scotland.

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