Isle of Man Economy Profile 2009

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 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: 13%
services: 86% (2000 est.)

Population below poverty line

NA%

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.)

Household income or consumption by percentage share

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

Budget

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

Inflation rate (consumer prices)

3.1% (December 2006 est.)

Industries

financial services, light manufacturing, tourism

Agriculture - products

cereals, vegetables; cattle, sheep, pigs, poultry

Exports

$NA

Exports - commodities

tweeds, herring, processed shellfish, beef, lamb

Imports

$NA

Imports - commodities

timber, fertilizers, fish

Debt - external

$NA

Market value of publicly traded shares

$NA

Economic aid - recipient

$NA

Currency (code)

GBP

Currency (code)

Isle of Man pound (IMP), also known as the Manx pound
note: the British pound is also legal tender, but change is given in IMP

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

1 April - 31 March