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Italy's victory in the UEFA Euro 2020 football championship final last Sunday is likely to add 0.7 percent to the country's projected gross domestic product (GDP) growth this year, local economists have said. This will certainly be welcome news for an economy struggling to emerge from a slowdown brought on by the coronavirus pandemic.

Italy's dramatic 3-2 penalty shootout win over England on Sunday earned the Italian side their first European title since 1968 and their first world title since their 2006 World Cup victory.

According to studies, the feat is also sparking new rounds of domestic spending and attracting investments from abroad as it has helped boost consumer confidence and improved the image of Italy and Italian products abroad. This boost may be temporary, analysts said, but is still significant.

All in all, the Italian national football team's Euro 2020 victory is projected to "result in an extra 12 billion euros (14.2 billion U.S. dollars), or around an extra 0.7 percent growth in gross domestic product," Simona Caricasulo, an economist specialized in sports-related topics at Rome's LUISS University, told Xinhua on Thursday. She said the impacts would be felt almost exclusively this year.

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