Euro 2016 generated 1.22 billion boost for French economy
Joint press communiqué issued by the Ministry of the Economy and Finance, the Ministry of Labour, Employment, Vocational Training and Social Dialogue, and the Ministry of Urban Affairs, Youth and Sport
The excellent way it was organized, the public excitement and the performance of France’s team all lived up to expectations.
Because French people legitimately expect the expenditure devoted to such an event to benefit them, the government pledged that, for the first time in France, a study would assess its economic spinoffs in an independent and documented fashion.
The study—conducted under the aegis of the Observatoire de l‘Economie du Sport in liaison with INSEE [National Institute of Statistics and Economic Studies] and the Treasury—shows how beneficial it was to host Euro 2016 in terms of business and employment.
The study’s main findings:
- 1/ Business
The event generated €1.22 billion of business: €596 million through the organization of the event and €625.8 million thanks to tourism.
- 2/ Jobs
Over the year 117,150 months’ work was generated—i.e. the equivalent of 9,762 full-time jobs.
- 3/ Tourism (only foreign spectators are taken into account)
During the month of the competition, France welcomed 613,000 foreign spectators. Mostly arriving in France specifically for Euro 2016, they stayed in our country for an average of eight days and spent an average of €154 per day. One in five foreign visitors took the opportunity to spend time in one or more French towns or cities.
- 4/ Taxation
There was an estimated €75 million in additional net tax revenues for the government, including €70 million in VAT receipts.
In addition to the tangible results of the study, the organization of Euro 2016 ensured a greater international profile for France and the host cities, not to mention medium- and long-term benefits for hundreds of French businesses which took part in the event.
Michel Sapin, Minister of the Economy and Finance, Myriam El Khomri, Minister of Labour, Employment, Vocational Training and Social Dialogue, Patrick Kanner, Minister of of Urban Affairs, Youth and Sport, and Thierry Braillard, Minister of State for Sport, are delighted that the active efforts of the government, local authorities and Euro 2016 SAS [organizing body] enabled the event to be such a success economically.
The results are very encouraging in the run-up to other major sporting events, like the [Men’s] Handball World Championship, and in view of Paris’s bid to host the 2024 Olympic and Paralympic Games.
France has once again demonstrated its ability to organize major international sporting events under optimum conditions. (…)