Even before La Furia Roja (The Red Fury) led to Spain’s 1-0 World Cup victory over The Netherlands, Industry Minister Miguel Sebastián had said economists would raise their GDP forecasts. While nationally the economy is predicted to shrink 0.3% this year, a positive vibe is already being felt in the Spanish stock market with the IBEX 35 index enjoying a mini rally since 3 July.

According to the Washington Post, “The effects at macro-economic level and on the financial markets are not so great that they can turn a recession into a boom, but they should not be underestimated. Past figures show, for instance, that a World Cup winner enjoys an average economic bonus of 0.7% additional growth.”

Spain’s victory is its biggest sporting achievement to date and its main international marketing event since the 1992 Barcelona Olympics. “Because the team got to the final... football is something more than a sport at the moment,” commented Antonio Martín from IE Business School in Madrid. “Everybody is talking all over the world about Spain,” he continued, stating that championship has a “very positive effect on the «Spain» brand.”

According to Toni Brunet, spokesman at Barcelona’s highway operator Abertis Infraestructuras: “It’s not only that the national team has a solid Barça component, people in Catalonia like the Spanish team.” With Barça’s winning players set to spend their €600,000 per player bonuses on home turf, the city will benefit from this direct spending boost adding to the national “feel good factor”. Celebrating their return from South Africa, Barça players forced a team shirt on Arsenal captain Francesc “Cesc” Fàbregas amid reports that Barça managers have made a bid to take the World Cup winner back to Camp Nou where he played as a youth.

Cheers all round!

Prompted by the win, Paloma Notario-Bodelon, Director at the Spanish Institute of Tourism New York office said: “This sort of success helps a great deal in improving the mood of the people. I am sure that a more optimistic and positive attitude helps us to believe that we can achieve our goals in whatever we need to do, gives us a sense of being part of a team, and helps to bear the severe measures implemented.”

Cape Town is similarly banking on its World Cup coffers to fill with tourist dollars. Making great strides in its plans to market the country as a major business-tourism hub, mastermind of the football tournament, Danny Jordaan said: “Barcelona is booked up years in advance for conferences and Cape Town aims to break into that market.’’

Paul Preston, an expert on Spain and history professor at the London School of Economics said the win may soften the blow of the economic news while on the streets, one reveller said Spain’s World Cup win had “accomplished unfinished business for Spain, so it’s been good for everyone”; another saying: “It’s more important than the economy, than potatoes, than olive oil, than worker strikes.”