Isle of Man: Economy#

Offshore banking, manufacturing, and tourism are key sectors of the economy. The government offers low taxes and other 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 contributions to GDP. The Isle of Man also attracts online gambling sites and the film industry. Trade is mostly with the UK. In January 2013, the Isle of Man signed a tax agreement with Guernsey and Jersey, in order to enable the islands' authorities to end tax avoidance and evasion. The Isle of Man enjoys free access to EU markets.

Economic Facts#

GDP (purchasing power parity)$4.076 billion (2007 est.)
$2.719 billion (2005 est.)
GDP - real growth rate5.2% (2005)
GDP - per capita (PPP)$53,800 (2007 est.)
$35,000 (2005 est.)
GDP - composition, by sector of originagriculture: 1%
industry: 11%
services: 88% (FY08/09 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Labor force - by occupationagriculture, forestry, and fishing: 2%
manufacturing: 5%
construction: 8%
gas, electricity, and water: 1%
transport and communication: 9%
wholesale and retail distribution: 11%
professional and scientific services: 20%
public administration: 7%
banking and finance: 23%
tourism: 1%
entertainment and catering: 5%
miscellaneous services: 8% (2006)
Exports - commoditiestweeds, herring, processed shellfish, beef, lamb
Agriculture - productscereals, vegetables; cattle, sheep, pigs, poultry
Budgetrevenues: $965 million
expenditures: $943 million (FY05/06 est.)
Imports - commoditiestimber, fertilizers, fish
Exchange ratesManx pounds (IMP) per US dollar -
0.6472 (2014)
0.6391 (2013)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)
Debt - external$NA
Fiscal year1 April - 31 March
Industriesfinancial services, light manufacturing, tourism
Inflation rate (consumer prices)5% (2010 est.)
3.1% (2006)
Labor force41,790 (2006)
Unemployment rate2% (April 2011 est.)
1.8% (October 2010 est.)
GDP (official exchange rate)$4.076 billion (2007 est.)
Market value of publicly traded shares$NA
Taxes and other revenues23.7% of GDP (FY05/06 est.)
Budget surplus (+) or deficit (-)0.5% of GDP (FY05/06 est.)