Soccer. Italy, a beneficial Euro for the country’s economy?

Some economists have already taken out their calculators to assess the economic fallout of the Azzurri’s victory at the European football championship: those of Coldiretti, the main agricultural union, expect GDP to increase by 0.7%, or 12 billion euros. euros.

Remembering Italy, world champion in 2006, « La Botte » saw the following year its exports jump by nearly 10% and its unemployment rate fall by 0.7 points to 6.1%.

The ambient euphoria is expected to boost spending, especially in the food and drink sectors, with an expected increase in alcohol and tobacco consumption, but also in transport, leisure and hotels, according to the report. Brand Finance Italy consulting firm.

Hopes of tourism regained

This triumph should give wings to tourism, in free fall since the start of the pandemic, but which has since given signs of recovery. The number of foreign visitors is expected to increase by 32% in July and August, while remaining below the pre-pandemic level, according to the Union of Chambers of Commerce.

The growth of Italy, the third largest economy in the euro area, could exceed 5% this year, after a drop in GDP of 8.9% in 2020 following the Covid-19 epidemic.

The Euro is not the only factor

But be careful not to mix it up: « you have to be careful with the figures, it is sure that the GDP will increase, but you have to put things in perspective, it will also be the effect of the recovery after the pandemic » , warns Simona Caricasulo, sports economist at Luiss University in Rome.

« Italy’s victory is of great importance to the nation, especially after the difficult times of the pandemic, consumer morale is on the rise, » comments Massimo Pizzo, director of Brand Finance Italy.

A sense of belonging conducive to spending

Another source of income is the equipment in the colors of Italy. Simona Caricasulo says that « the fans buy the Azzurri jersey because they feel like they are part of the victory. »

The official blue jerseys of the national team, signed Puma and sold for 140 euros, were out of stock the day after the final, or even before in some stores. According to Brand Finance, Squadra Azzurra’s sponsorship revenue is expected to grow by € 13 million to € 59 million per year.

An economic boom, to be associated with the end of deconfinement, which should allow the « Boot » to regain, at least partially, its influence.