A dazzling display of fireworks lit up the Edinburgh sky

It was also revealed that the festival season supported about 930 full time jobs.

Steve Cardownie, festival and events co-ordinator at Edinburgh City Council, vowed to carry on the success of last year's programme.

The study will be discussed by Edinburgh council officials next week.

The annual New Year's Eve party attracts visitors from across the globe.

'Lead the field'

In all, the seasonal celebrations raised a total of �44.4m, of which �39m benefited Edinburgh and the Lothians, with the remaining �5.4m going to the rest of Scotland.

Mr Cardownie said: "As well as putting us on the world map and boosting our international profile, the winter festivals also generate huge sums for both Edinburgh and Scotland's economy.

"Everyone realises the huge cultural and economic importance of these events and we are as committed as ever to ensuring that Edinburgh continues to lead the field."

Tam the Gun signalled the start of the fireworks

He put down the success of last year's Hogmanay party to more lights, a "brilliant" concert line-up and an improved system of acquiring passes to the street party.

The report stated that 70% of residents believe the city is a better place to live because of the festive celebrations.

Graham Birse, director of customer development at Edinburgh and Lothians Tourist Board, said: "As this report makes clear, Edinburgh's winter festivals are significant contributors to the growth and prosperity of the city.

"Hogmanay, in particular, has introduced a new, more dynamic and youthful image to Edinburgh's brand.