Isle of Man Economy Profile 2013

Economy - overview

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. The Isle of Man enjoys free access to EU markets.

GDP (purchasing power parity)

$2.719 billion (2005 est.)

GDP (official exchange rate)

$2.719 billion (2005 est.)

GDP - real growth rate

5.2% (2005)

GDP - per capita (PPP)

$35,000 (2005 est.)

GDP - composition by sector

agriculture: 1%
industry: 11%
services: 88% (FY08/09 est.)

Population below poverty line

NA%

Labor force

41,790 (2006)

Labor force - by occupation

agriculture, 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)

Unemployment rate

2% (April 2011 est.)
1.8% (October 2010 est.)

Unemployment, youth ages 15-24

total: 7.2%
male: 9.5%
female: 5.1% (2006)

Household income or consumption by percentage share

lowest 10%: NA%
highest 10%: NA%

Budget

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

Taxes and other revenues

35.5% of GDP (FY05/06 est.)

Budget surplus (+) or deficit (-)

0.8% of GDP (FY05/06 est.)

Inflation rate (consumer prices)

5% (2010 est.)
3.1% (2006)

Market value of publicly traded shares

$NA

Agriculture - products

cereals, vegetables; cattle, sheep, pigs, poultry

Industries

financial services, light manufacturing, tourism

Exports

$NA

Exports - commodities

tweeds, herring, processed shellfish, beef, lamb

Imports

$NA

Imports - commodities

timber, fertilizers, fish

Debt - external

$NA

Exchange rates

Manx pounds (IMP) per US dollar -
0.6324 (2011)
0.6472 (2011)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)

Fiscal year

1 April - 31 March