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Isle of Man Economy Profile 2018

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Economy - overviewFinancial services, 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. Online gambling sites provided about 10% of the islands income in 2014. The Isle of Man currently enjoys free access to EU markets and trade is mostly with the UK. The Isle of Man’s trade relationship with the EU derives from the United Kingdom’s EU membership and will need to be renegotiated in light of the United Kingdom’s decision to withdraw from the bloc.
GDP (purchasing power parity)$7.428 billion (2014 est.)
$6.298 billion (2013 est.)
$5.85 billion (2012 est.)
note: data are in 2014 US dollars
GDP (official exchange rate)$6.615 billion (2007 est.)
GDP - real growth rate2.2% (2012)
3.4% (2011)
2.1% (2010)
GDP - per capita (PPP)$84,600 (2014 est.)
$73,100 (2013 est.)
$68,500 (2012 est.)
GDP - composition by sectoragriculture: 1%
industry: 13%
services: 86% (FY12/13 est.)
Population below poverty lineNA%
Labor force41,790 (2006)
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)
Unemployment rate2.7% (2013 est.)
2% (April 2011 est.)
Unemployment, youth ages 15-24total: 10.1%
male: 11.8%
female: 8.2% (2011 est.)
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $965 million
expenditures: $943 million (FY05/06 est.)
Taxes and other revenues14.6% of GDP (FY05/06 est.)
Budget surplus (+) or deficit (-)0.3% of GDP (FY05/06 est.)
Inflation rate (consumer prices)5% (2010 est.)
3.1% (2006)
Market value of publicly traded shares$NA
Agriculture - productscereals, vegetables; cattle, sheep, pigs, poultry
Industriesfinancial services, light manufacturing, tourism
Exports - commoditiestweeds, herring, processed shellfish, beef, lamb
Imports - commoditiestimber, fertilizers, fish
Debt - external$NA
Exchange ratesManx pounds (IMP) per US dollar -
0.7836 (2017)
0.738 (2016)
0.738 (2015)
0.6542 (2014)
0.6472 (2013 est.)
Fiscal year1 April - 31 March

Source: CIA World Factbook
This page was last updated on January 20, 2018