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Isle of Man Economy




Man, Isle of    Economy Top of Page
Economy - overview: Offshore banking, manufacturing, and tourism are key sectors of the economy. The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island 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. Banking and other services now contribute 42% to GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.
GDP: purchasing power parity - $1.4 billion (1999 est.)
GDP - real growth rate: 13.5% (1999 est.)
GDP - per capita: purchasing power parity - $18,800 (1999 est.)
GDP - composition by sector: agriculture:  1%

industry:  9%

services:  90% (1999 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%:  NA%

highest 10%:  NA%
Inflation rate (consumer prices): 2.5% (2000 est.)
Labor force: 36,610 (1998)
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%
Unemployment rate: 0.6% (August 2000)
Budget: revenues:  $485 million

expenditures:  $463 million, including capital expenditures of $NA (FY00/01 est.)
Industries: financial services, light manufacturing, tourism
Industrial production growth rate: 3.2% (FY96/97)
Agriculture - products: cereals, vegetables; cattle, sheep, pigs, poultry
Exports: $NA
Exports - commodities: tweeds, herring, processed shellfish, beef, lamb
Exports - partners: UK
Imports: $NA
Imports - commodities: timber, fertilizers, fish
Imports - partners: UK
Debt - external: $NA
Economic aid - recipient: $NA
Currency: British pound (GBP); note - there is also a Manx pound
Currency code: GBP
Exchange rates: Manx pounds per US dollar - 0.6764 (January 2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996); the Manx pound is at par with the British pound
Fiscal year: 1 April - 31 March

 

Countryfacts Information Courtesy: CIA Worldbook








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