The Turner Prize 2007 has brought £10 million to the Merseyside economy, according to a new report.

A study commissioned by the Northwest Regional Development Agency found that almost 72,000 visitors have attended the exhibition at Tate Liverpool.

Moreover, 3.6 million watched Turner Prize coverage on Channel 4. It was the first time the prize had been presented outside London since it started in 1984.

Peter Mearns, from the Northwest Regional Development Agency (NWDA), said: "This boost to Merseyside's economy is a dramatic example of the power of art to generate economic benefits.

"High profile events such as the Turner Prize not only have a huge impact on the regional economy, but also have an important role to play in shaping perceptions of the northwest."

The Turner Prize 2007 was supported by the NWDA, Arts Council England, Liverpool Culture Company, among others.

According to internet holiday firm lastminute.com, short break bookings in Liverpool have soared by 136 per cent in the Capital of Culture year.