In France, celebrations are still underway following that team’s World Cup championship last weekend. But did the victory boost the economy?
CGTN’s Elena Casas reports.
Supporters welcome home their conquering heroes and celebrate by splashing the cash. Economists say they expect to see a ‘World Cup bounce’ in France’s GDP.
“We might not see as much extra growth as the minister says, but we expect an extra 0.1 percent of GDP growth,” Phane Couillac, an economist with insurance company Euler Hermes, explained. “So we were predicting 1.8 percent this year and now we think it will be 1.9.”
“Concretely,” he added, “that’s 2 billion euros of extra spending from consumers, coming in a context that has been quite negative lately.”
That’s spending on things like new football shirts and televisions, but also an effect of optimism that experts say will encourage people to spend slightly more on big purchases like cars and holidays throughout the summer.
Of course, one sector that’s raising a glass to Les Bleus is the beer industry.
Big brands like Heineken and Kronenbourg have yet to release their figures. But small businesses in Paris have really seen a difference.
“It’s been great for us,” said Yann Brenienek, owner of a small craft beer shop called La Caisse Des Bieres. “We showed all the matches here and people came and, of course, had a beer, so our sales just went up and up as the competition went on.”
One person hoping to bask in the World Cup glow is President Macron, whose popularity ratings have been tumbling lately. Video of him celebrating with the team went viral – and victory confirms his favorite slogan, that France is back on the world stage.
But in financial terms, it’s the players themselves who could be set to cash out the most – the value of each of them has gone up an estimated 40% on the transfer market.