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Economy - overview:
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Offshore banking, 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. Trade is mostly with the UK. In January 2013, the Isle of Man signed a tax agreement with Guernsey and Jersey, in order to enable the islands' authorities to end tax avoidance and evasion. The Isle of Man enjoys free access to EU markets.
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GDP (purchasing power parity):
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$4.076 billion (2007 est.)
country comparison to the world: 175
$2.719 billion (2005 est.)
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GDP (official exchange rate):
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$4.076 billion (2007 est.)
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GDP - real growth rate:
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5.2% (2005)
country comparison to the world: 55
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GDP - per capita (PPP):
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$53,800 (2007 est.)
country comparison to the world: 12
$35,000 (2005 est.)
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GDP - composition by sector:
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agriculture: 1%
industry:
11%
services:
88% (FY08/09 est.)
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Labor force:
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41,790 (2006)
country comparison to the world: 195
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Labor force - by occupation:
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agriculture, 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)
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Unemployment rate:
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2% (April 2011 est.)
country comparison to the world: 14
1.8% (October 2010 est.)
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Population below poverty line:
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NA%
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Household income or consumption by percentage share:
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lowest 10%: NA%
highest 10%:
NA%
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Budget:
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revenues: $965 million
expenditures:
$943 million (FY05/06 est.)
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Taxes and other revenues:
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35.5% of GDP (FY05/06 est.)
country comparison to the world: 68
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Budget surplus (+) or deficit (-):
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0.8% of GDP (FY05/06 est.)
country comparison to the world: 31
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Inflation rate (consumer prices):
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5% (2010 est.)
country comparison to the world: 138
3.1% (2006)
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Market value of publicly traded shares:
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$NA
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Agriculture - products:
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cereals, vegetables; cattle, sheep, pigs, poultry
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Industries:
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financial services, light manufacturing, tourism
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Exports:
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$NA
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Exports - commodities:
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tweeds, herring, processed shellfish, beef, lamb
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Imports:
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$NA
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Imports - commodities:
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timber, fertilizers, fish
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Debt - external:
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$NA
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Exchange rates:
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Manx pounds (IMP) per US dollar -
0.6324 (2011)
0.6472 (2011)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)
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Fiscal year:
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1 April - 31 March
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)
