Economy
North Somerset's economy is traditionally based on agriculture, including sheep raised for wool on the Mendip Hills and dairy farming in the valleys. During the Georgian era tourism became a significant economic sector in the coastal towns, most notably Weston-super-Mare which grew from a small village to a large resort town. Though tourism declined in the mid to late-20th century, in common with most British coastal resorts, this sector of the economy has stabilised.
In the 19th century the major port city of Bristol found that modern ships had outgrown the narrow river approach and the Port of Bristol company began seeking locations for new docks on the coast. The first of these was Portishead Dock, which handled coal from South Wales, though this too has seen shipping outgrow its facilities. The newer Royal Portbury Dock is noted for the large volume of car imports.
This is a chart of trend of regional gross value added of North and North East Somerset and South Gloucestershire at current basic prices (pp. 240–253) by Office for National Statistics with figures in millions of British Pounds Sterling.
| Year | Regional Gross Value Added1 | Agriculture2 | Industry3 | Services4 |
|---|---|---|---|---|
| 1995 | 5,916 | 125 | 1,919 | 3,872 |
| 2000 | 8,788 | 86 | 2,373 | 6,330 |
| 2003 | 10,854 | 67 | 2,873 | 7,914 |
^1 Components may not sum to totals due to rounding
^2 includes hunting and forestry
^3 includes energy and construction
^4 includes financial intermediation services indirectly measured
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Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)