Economy
Bristol has a long history of trade, originally exporting wool cloth and importing fish, wine, grain and dairy products; later imports were tobacco, tropical fruits and plantation goods. Major imports are motor vehicles, grain, timber, produce and petroleum products.
The city's economy also relies on the aerospace, defence, media, information technology, financial services and tourism industries. The Ministry of Defence (MoD)'s Procurement Executive, later known as the Defence Procurement Agency and Defence Equipment and Support, moved to its headquarters to Abbey Wood, Filton, in 1995. This organisation, with a staff of 12,000 to 13,000, procures and supports MoD equipment. One of the UK's most popular tourist destinations, Bristol was selected in 2009 as one of the world's top-ten cities by international travel publishers Dorling Kindersley in their Eyewitness guides for young adults.
Bristol is one of the eight-largest regional English cities that make up the Core Cities Group, and is ranked as a Gamma level global city by the Globalization and World Cities Research Network, the fourth-highest-ranked English city. In 2017 Bristol's gross domestic product was £88.448 billion. Its per capita GDP was £46,000 ($65,106, €57,794), which was some 65% above the national average, the third-highest of any English city (after London and Nottingham) and the sixth-highest of any city in the United Kingdom (behind London, Edinburgh, Glasgow, Belfast and Nottingham). According to the 2011 census, Bristol's unemployment rate (claiming Jobseeker's Allowance) was three per cent, compared with two per cent for South West England and the national average of four per cent.
Although Bristol's economy no longer relies upon its port, which was moved to docks at Avonmouth during the 1870s and to the Royal Portbury Dock in 1977 as ship size increased, it is the largest importer of cars to the UK. Until 1991, the port was publicly owned; it is leased, with £330 million invested and its annual tonnage increasing from 3.9 million long tons (4 million tonnes) to 11.8 million (12 million). Tobacco importing and cigarette manufacturing have ceased, but the importation of wine and spirits continues.
The financial services sector employs 59,000 in the city, and 50 micro-electronics and silicon design companies employ about 5,000. In 1983, Hewlett-Packard opened its national research laboratory in Bristol. In 2014 the city was ranked seventh in the "top 10 UK destinations" by TripAdvisor.
During the 20th century, Bristol's manufacturing activities expanded to include aircraft production at Filton by the Bristol Aeroplane Company and aircraft-engine manufacturing by Bristol Aero Engines (later Rolls-Royce) at Patchway. Bristol Aeroplane was known for their World War I Bristol Fighter and World War II Blenheim and Beaufighter planes. During the 1950s, they were a major English manufacturer of civilian aircraft, known for the Freighter, Britannia and Brabazon. The company diversified into automobile manufacturing during the 1940s, producing hand-built luxury Bristol Cars at their factory in Filton, and the Bristol Cars company was spun off in 1960. The city also gave its name to Bristol buses, which were manufactured in the city from 1908 to 1983: by Bristol Tramways until 1955, and from 1955 to 1983 by Bristol Commercial Vehicles.
Filton played a key role in the Anglo-French Concorde supersonic airliner project during the 1960s. The British Concorde prototype made its maiden flight from Filton to RAF Fairford on 9 April 1969, five weeks after the French test flight. In 2003 British Airways and Air France decided to discontinue Concorde flights, retiring the aircraft to locations (primarily museums) worldwide. On 26 November 2003 Concorde 216 made the final Concorde flight, returning to Bristol Filton Airport as the centrepiece of a proposed air museum which is planned to include the existing Bristol Aero collection (including a Bristol Britannia).
The aerospace industry remains a major sector of the local economy. Major aerospace companies in Bristol include BAE Systems, a merger of Marconi Electronic Systems and BAe (the latter a merger of BAC, Hawker Siddeley and Scottish Aviation). Airbus and Rolls-Royce are also based at Filton, and aerospace engineering is an area of research at the University of the West of England. Another aviation company in the city is Cameron Balloons, who manufacture hot air balloons; each August the city hosts the Bristol International Balloon Fiesta, one of Europe's largest hot-air balloon festivals.
In 2005, Bristol was named by the UK government one of England's six science cities. A £500 million shopping centre, Cabot Circus, opened in 2008 amidst predictions by developers and politicians that the city would become one of England's top ten retail destinations. The Bristol Temple Quarter Enterprise Zone, focused on creative, high-tech and low-carbon industries around Bristol Temple Meads railway station, was announced in 2011 and launched the following year. The 70 ha (170-acre) Urban Enterprise Zone has streamlined planning procedures and reduced business rates. Rates generated by the zone are channelled to five other designated enterprise areas in the region: Avonmouth, Bath, Bristol and Bath Science Park in Emersons Green, Filton, and Weston-super-Mare. Bristol is the only big city whose wealth per capita is higher than that of Britain as a whole. The wider region has one of the biggest aerospace hubs in the UK, centred on Airbus, Rolls-Royce and GKN at Filton airfield.
Between 2012 and 2020, the city had the largest circulating community currency in the UK, the Bristol Pound, which was pegged to the pound sterling before it ceased operation.