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The Economy of Isle of Man

Manx Economy

Isle of Man's map

Economy - overview: Offshore banking, manufacturing, and tourism are key sectors of the economy. The government offers incentives to high-technology companies and financial institutions to locate on the island; this has paid off in expanding employment opportunities in high-income industries. As a result, agriculture and fishing, once the mainstays of the economy, have declined in their shares of GDP. The Isle of Man also attracts online gambling sites and the film industry. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

GDP:

GDP - real growth rate: 5.2% (2005)

GDP - per capita:

GDP - composition by sector: agriculture: 1% industry: 13% services: 86% (2000 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA%

Distribution of family income - Gini index:

Inflation rate (consumer prices):

Labor force: 39,690 (2001)

Labor force - by occupation: agriculture, forestry, and fishing 3%, manufacturing 11%, construction 10%, transport and communication 8%, wholesale and retail distribution 11%, professional and scientific services 18%, public administration 6%, banking and finance 18%, tourism 2%, entertainment and catering 3%, miscellaneous services 10% (2001)

Unemployment rate: 1.5% (December 2006 est.)

Budget: revenues: $965 million expenditures: $943 million (FY05/06 est.)

Industries: financial services, light manufacturing, tourism

Industrial production growth rate:

Electricity - production:

Electricity - production by source:

Electricity - consumption:

Electricity - exports:

Electricity - imports:

Oil - production:

Oil - consumption:

Oil - exports:

Oil - imports:

Oil - proved reserves:

Natural gas - production:

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Natural gas - proved reserves:

Agriculture - products: cereals, vegetables; cattle, sheep, pigs, poultry

Exports: $NA

Exports - commodities: tweeds, herring, processed shellfish, beef, lamb

Exports - partners:

Imports: $NA

Imports - commodities: timber, fertilizers, fish

Imports - partners:

Debt - external: $NA

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Manx pounds (IMP) per US dollar - 0.5302 (2008 est.), 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004) note: the Manx pound is at par with the British pound

Fiscal year: