According to data from the Ifo Institute, the European Football Championship, which opened in Germany on Friday for one month, will drive Germany's economic growth by 0.1% in the second quarter.

"However, this impact will only be short-lived, which means that due to the return of tourists after the 2024 European Cup, German service exports may once again decline in the third quarter, overall, remaining unchanged," said Ifo researcher Gerome Wolf in a report.

Ifo said that large sporting events usually "have a relatively small impact, except for the tourism industry," and compared it to the 2006 World Cup, which was also held in Germany. Although German domestic consumers temporarily increased spending on hotels and food, they reduced spending on other items, so overall private consumption "may not be affected".

Wolf added, "When the German World Cup began in 2006, the number of foreign visitors and overnight stays increased by 25% each." He said, "If we take this as the basis for the 2024 European Cup, we can expect more than 600,000 foreign visitors and 1.5 million overnight visitors." "This may be reflected in higher overnight rates and hotel sales."

Large sporting events usually distort economic output, and as the headquarters of sports institutions such as FIFA, UEFA, and the International Olympic Committee, Switzerland's domestic production statistics (GDP) do not include these events.