Around ten percent of Sweden’s exports make their way to Germany, and happy Germans are more likely to spend than disappointed Germans.
“The result in the final wasn’t the best as far as we’re concerned. Germany is our biggest trade partner. It would have been better if a big country like Germany had secured a win and become a bit more upbeat,” SEB economist Tomas Lindström told TT.
Lindström did not believe speculation however that it might have been better for Sweden had Germany not made it to the final at all.
“The final is at least somewhat positive for Germany, but it will pass quickly,” he said.
Rough estimates suggest that the Spanish economy will grow by an extra 0.5 percent as a result of Torres’ deft chip over German keeper Jens Lehmann.
But the effect of a championship victory will never be enough to stave off a recession, leaving Spain facing continued problems with sky high inflation.