The upcoming St Patrick's Day celebrations will generate some €60 million for the economy, Fáilte Ireland said today.
Publishing its festivals and events calendar for 2007, the tourism body said some seven million people will attend nearly 600 festivals and cultural events throughout Ireland this year.
The events are worth over €200 million to the economy in total.
More than 50 international media organisations from 16 countries will attend St Patrick's Day festival activities around Ireland, according to Fáilte Ireland.
Later this year, Ireland will host the World Rally Championship for the first time, an event that will be broadcast to over 800 million homes around the world. It will take place in the north west in November and is expected to attract over 200,000 visitors.
Fáilte Ireland said arts and drama events feature prominently in the 2007 calendar, notably the Dublin Theatre Festival, which celebrates its 50th anniversary in September.
Other events in the calendar include the Mohill Arts and Storytelling festival in Leitrim and the Graiguenamanagh Town of Books festival. This year also marks the 400th anniversary of the Flight of the Earls and there will be celebrations in the north west to celebrate what Failte Ireland described as "one of the most significant episodes and periods in Irish history".
Fáilte Ireland chief executive Shaun Quinn said festivals and events are "a very important part of the tourism product".
"They are an integral part of the Irish tourism offering while, at the same time, affording an opportunity for local people to enjoy the benefits. The variety and array of events which are interspersed into every corner of Ireland give the visitor an opportunity to visit both the urban and rural regions throughout all of Ireland," he said.
"Irish festivals also promote Ireland as a tourist destination worldwide with 30 per cent of festivals receiving international media coverage.
"On average, one-third of festival audiences book into local accommodation staying for at least one night. The indirect economic impact of visitor's spend at many of these festivals on other sectors of the economy can be quite significant with the National St Patrick's Festival generating nearly €60m and the Galway Arts Festival generating a spend of over €20m in Galway every July."