Isle of Man Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

high-income British island economy; known financial services and tourism industries; taxation incentives for technology and financial firms to operate; historic fishing and agriculture industries are declining; major online gambling and film industry locale

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

Real GDP growth rate

0.25% (2019 est.)

2.21% (2018 est.)

4.69% (2017 est.)

Real GDP per capita

$84,600 (2014 est.)

$86,200 (2013 est.)

$73,700 (2012 est.)

GDP (official exchange rate)

$6.792 billion (2015 est.)

Inflation rate (consumer prices)

4.1% (2017 est.)

1% (2016 est.)

Credit ratings

Moody's rating: Aa3 (2020)

Standard & Poors rating: N/A

note: The year refers to the year in which the current credit rating was first obtained.

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

Industrial production growth rate

-5.1% (2019 est.)

Labor force

41,790 (2006)

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

2% (April 2011 est.)

1.1% (2017 est.)

Youth unemployment rate (ages 15-24)

total: 10.1%

male: 11.8%

female: 8.2% (2011 est.)

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.)

Budget surplus (+) or deficit (-)

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

Taxes and other revenues

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

Fiscal year

1 April - 31 March

Exports

N/A

Exports - partners

almost entirely United Kingdom (2022)

Exports - commodities

crude petroleum, artwork, vegetables, fruits, whiskies (2022)

Imports

N/A

Imports - partners

almost entirely United Kingdom (2022)

Imports - commodities

ships, delivery trucks (2022)

Debt - external

N/A

Exchange rates

Manx pounds (IMP) per US dollar -

0.727 (2021 est.)

0.78 (2020 est.)

0.783 (2019 est.)

0.75 (2018 est.)

0.777 (2017 est.)

NOTE: The information regarding Isle of Man on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Isle of Man 2023 information contained here. All suggestions for corrections of any errors about Isle of Man 2023 should be addressed to the CIA or the source cited on each page.