It is also widely agreed that it set a benchmark for future Capitals of Culture, added Mr Peterson.

Not bad for a city that, as one of the most deprived in Europe, received just under £100m in Objective 1 grants from 2000-2006, leading to a £2.5bn investment programme including match funding from government, local authority and private sector sources. One of the title’s legacies, Mr Peterson adds, is the flexible working relationship between Liverpool’s cultural organisations such as National Museums Liverpool, the Royal Liverpool Philharmonic Orchestra and the Everyman and Playhouse theatres.

He hopes to see more events such as January’s “Transition” ceremony, which involve the collaboration of many different venues.

Many of the likely benefits of hosting a Capital of Culture year, such as residents’ renewed sense of pride in their city and Liverpool’s improving reputation, are hard to measure.

It is also difficult to separate the “demonstration effect” of the 2008 programme from the boost in visitors generated by construction projects such as Liverpool One and the Echo Arena Liverpool.

However, visitor figures do back up Prof Stoney’s argument that, while the current economic crisis has slowed the positive impact of Culture Year, 2008 has, in turn, helped buck the negative impact of the recession.

According to tourism body The Mersey Partnership, the number of city centre hotel rooms sold from January to May is marginally up on the same period of last year, from 347,385 to 354,232, but this reflects hotel openings during 2008. Visits to key attractions have dropped slightly, with 1.27m visits during January to April, 2009, compared to 1.4m in the same months of 2008. However, this year’s figures do show a 25% increase on 2007.

National Museums Liverpool visitor figures for January to May also show a drop on 2008 (9%) but a rise on 2007 (22%).

NML director David Fleming said: “Being Capital of Culture meant that Liverpool attracted a lot more visitors from outside the region, so we cannot expect to beat 2008 figures just yet – that will have to wait until we open the Museum of Liverpool.

“Therefore, our target for 2009 visitor numbers is simply to beat 2007, continuing the underlying pattern of annual growth.”

Due to the changeover, earlier this year, of exhibitions showcasing Tate Liverpool’s own collection, from The Twentieth Century – How it Looked & How it Felt to This is Sculpture, during which time two floors were closed for an extended period, the Albert Dock Gallery has seen a 36% drop in visitors year on year (from 321,481 in 2008 to 204,781 in 2009) and a 4% drop compared with January to May, 2007. However, there is an increase on 2006.

Liverpool Everyman and Playhouse have bucked the trend, with a 10% increase in ticket sales year-on-year from January 1 to June 29 (77,484 compared to 69,949 and just over 62,000 in 2007). However, this is unlikely to continue at the same rate as the most successful shows of Capital of Culture year, including Eric’s – the Musical, Once Upon a Time at the Adelphi and sell-outs King Lear and the rock ’n’ roll Christmas panto, all took place during July to December.

There are a fifth fewer visitors booking from outside the North West, making up just under 4% of the total compared to just over 5% last year.

Deborah Aydon, Everyman and Playhouse executive director, said: “We are delighted that theatre attendances are so strong in 2009, proving that 2008 was no aberration in terms of the appetite for quality theatre in the city. Even when people might be feeling the financial pinch, they clearly still want to sample the great range of shows at the Everyman and Playhouse, and we hope we offer fantastic value for money.”