2018 FIFA World Cup: Officials: France's triumph will boost economy
Updated 15:49, 26-Jul-2018
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Back to football news and France is still celebrating its national team's victory in the World Cup, but many analysts are wondering if the win will boost the bottom line, and the country's economy minister says yes. Bruno le Maire told journalists he expects to see a marked rise in GDP as the jubilation of lifting football's top trophy boosts consumer spending. Elena Casas reports from Paris.
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.
STEPHANE COUILLAC EULER HERMES ECONOMIST "We might not see as much extra growth as the minister says, but we expect an extra 0.1% of GDP growth, so we were predicting 1.8% this year and now we think it will be 1.9%. Concretely, that's two 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. 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 like this craft beer store in Paris, have really seen a difference.
YANN BRENIENEK LA CAISSE DES BIERES OWNER "It's been great for us, 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 favourite 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. Elena Casas, CGTN, Paris.