Economy
This is a chart of trend of regional gross value added of Portsmouth at current basic prices published (pp. 240–253) by the Office for National Statistics with figures in millions of pounds.
| Year | Regional Gross Value Added | Agriculture | Industry | Services |
|---|---|---|---|---|
| 1995 | 2,024 | – | 496 | 1,528 |
| 2000 | 2,750 | – | 658 | 2,092 |
| 2003 | 3,362 | – | 705 | 2,657 |
- Note 1. includes hunting and forestry
- Note 2. includes energy and construction
- Note 3. includes financial intermediation services indirectly measured
- Note 4. Components may not sum to totals due to rounding
A tenth of the city's workforce works at Portsmouth Naval Dockyard, which is directly linked to the city's biggest industry, defence, with the headquarters of BAE Systems Surface Ships located in the city. BAE's Portsmouth Shipyard has been awarded a share of the construction work on the two new Queen Elizabeth class aircraft carriers. This will create 3000 new jobs in the city. There is also a major ferry port which deals with both passengers and cargo. The city is also host to the European headquarters of IBM, and the UK headquarters of Zurich Financial Services, and of Northrop Grumman.
In the last decade the number of shops in Portsmouth has grown dramatically due to both the buoyancy of the local economy and improved transport links. In the city centre, shopping is centred around Commercial Road and the 1980s Cascades Shopping Centre, with over 100 high street shops between them. Recent redevelopment has created new shopping areas, including the upmarket Gunwharf Quays, containing fashion stores, restaurants, and a cinema; and the Historic Dockyard, which aims at the tourist sector and holds regular French markets, and an annual Christmas market. Large shopping areas include Ocean Retail Park, on the north-eastern side of Portsea Island, comprising shops requiring large floor space for selling consumer goods; and the Bridge Centre an 11,043 square metre shopping centre built in 1988, now dominated by the Asda Walmart store. There are also many smaller shopping areas throughout the city.
Tourism is a growing sector of the economy, with the harbour and the Spinnaker Tower being amongst the largest attractions.
There is also a small fishing fleet based in the city.
The housing boom has also spurred economic growth with prices rising at a speed second only to London.
Read more about this topic: Portsmouth
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