Sydney Festival to create $50m for economy

About 500,000 people are expected to attend the Sydney Festival, with hopes that pundits will pump more than $50 million in the NSW economy.

The NSW government is hoping the Sydney Festival will pump more than $50mil in the state economy. (AAP)

About half a million people are due to attend events at the annual Sydney Festival, with the NSW government hoping for an injection of more than $50 million into the state's economy.

The festival, with its wide range of arts and cultural events, will run from January 9 until Australia Day.

Acting Premier Andrew Stoner says last year's event drew 500,000 people, resulting in a $57 million boost for the state's economy.

"We expect the same level of enthusiasm for this year's Sydney Festival," Mr Stoner said.

Festival performances and events will span about 30 locations.

The NSW government has invested $5 million in the festival.