Isle of Man Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic overview

Financial 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. A transition period is expected to allow the free movement of goods and agricultural products to the EU until the end of 2020 or until a new settlement is negotiated.

Real GDP growth rate

-8.6% (2015 est.)

17.9% (2014 est.)

2.1% (2010 est.)

country comparison to the world: 221

Inflation rate (consumer prices)

4.1% (2017 est.)

1% (2016 est.)

country comparison to the world: 170

Credit ratings

Moody's rating: Aa3 (2020)

Standard & Poors rating: N/A (2014)

Real GDP (purchasing power parity)

$6.792 billion (2015 est.)

$7.428 billion (2014 est.)

$6.298 billion (2013 est.)

note: data are in 2014 US dollars

country comparison to the world: 171

GDP (official exchange rate)

$6.792 billion (2015 est.)

Real GDP per capita

$84,600 (2014 est.)

$86,200 (2013 est.)

$73,700 (2012 est.)

country comparison to the world: 8

GDP - composition, by sector of origin

agriculture: 1% (FY12/13 est.)

industry: 13% (FY12/13 est.)

services: 86% (FY12/13 est.)

Agricultural products

cereals, vegetables; cattle, sheep, pigs, poultry

Industries

financial services, light manufacturing, tourism

Labor force

41,790 (2006)

country comparison to the world: 194

Labor force - by occupation

manufacturing: 5% (2006 est.)

construction: 8% (2006 est.)

tourism: 1% (2006 est.)

transport and communications: 9% (2006 est.)

agriculture, forestry, and fishing: 2% (2006 est.)

gas, electricity, and water: 1% (2006 est.)

wholesale and retail distribution: 11% (2006 est.)

professional and scientific services: 20% (2006 est.)

public administration: 7% (2006 est.)

banking and finance: 23% (2006 est.)

entertainment and catering: 5% (2006 est.)

miscellaneous services: 8% (2006 est.)

Unemployment rate

1.1% (2017 est.)

2% (April 2011 est.)

country comparison to the world: 11

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10%: NA

highest 10%: NA

Budget

revenues: 965 million (FY05/06 est.)

expenditures: 943 million (FY05/06 est.)

Taxes and other revenues

14.2% (of GDP) (FY05/06 est.)

country comparison to the world: 201

Budget surplus (+) or deficit (-)

0.3% (of GDP) (FY05/06 est.)

country comparison to the world: 40

Fiscal year

1 April - 31 March

Exports

N/A

Exports - commodities

tweeds, herring, processed shellfish, beef, lamb

Imports

N/A

Imports - commodities

timber, fertilizers, fish

Debt - external

N/A

Exchange rates

Manx pounds (IMP) per US dollar -

0.7836 (2017 est.)

0.738 (2016 est.)

0.738 (2015)

0.6542 (2014)

0.6472 (2013 est.)

NOTE: The information regarding Isle of Man on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Isle of Man 2021 information contained here. All suggestions for corrections of any errors about Isle of Man 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.