Bristol’s economy is expected to fall out of the UK’s regional top 10 but still expand by £500m and add almost 10,000 new jobs by the end of next year, according to a new report.
The city has been predicted to see year-on-year growth of 2% in the fourth quarter of 2023 in terms of value of goods and services produced (GVA), with the value of its economy growing to £14.7bn.
The study, produced by law firm Irwin Mitchell and the Centre for Economics and Business Research (Cebr), ranked Bristol 18th among the country’s 50 largest local economies for GVA growth in one year’s time.
The findings represented a slowdown compared to Bristol’s performance in the fourth quarter of 2021, when it placed 8th with an annual GVA increase of 6.9%.
Despite this, the report estimated year-on-year growth in employment levels at the end of next year for Bristol could move to 1.2% from 0% last year – equating to 9,700 more newly filled positions.
Researchers also examined the latest trends in foreign direct investment (FDI) into the UK. While London and the South East saw a 23% annual dip in the number of FDI projects in 2020-2021, the vast majority of investment during the period was in these locations.
A total of 76 FDI projects were recorded in the South West during the period – down 11% – compared to 492 in London and 163 in the South East.