England’s Euros campaign might have ended in defeat on Sunday night, but the UK’s economy is a winner after it was significantly boosted by the football tournament.
More than £3 billion is believed to have been generated for the British economy during the four weeks of the Euros, according to reports from the Telegraph.
Yesterday’s final was predicted to drive sales of around £405 million in pubs and supermarkets, with 17 million Brits estimated to have watched the game at local hospitality venues.
UKHospitality said sales were set to jump by 50% during the final, offering a £800 million benefit for the industry.
Meanwhile, economists at Goldman Sachs, Barclays and Deutsche Bank have all lifted their GDP estimates for this year due to England’s journey to the final.
While the Bank of England forecasts the economy to grow by 0.7% this year, analysts at Barclays have upped estimates from 0.8% to 1.1%, while Goldman Sachs increased guidance to 1.2% from 1.1%.
Deutsche Bank predicts that GDP in the second quarter will rise by 0.6%, ahead of previous guidance of 0.3%, leading it to forecast a 1.2% expansion for the full year.
“Real GDP has now risen notably since the start of the year,” Jack Meaning at Barclays said.
“However, we think this first-half performance partly represents an economic bounce following last year’s recession and some temporary seasonal influences.”