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Isle of Man: Economy#

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 enjoys free access to EU markets and trade is mostly with the UK. In October 2014, the Isle of Man signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.

Economic Facts#

GDP (purchasing power parity)$6.298 billion (FY12/13 est.)
$5.85 billion (FY11/12 est.)
$5.621 billion (FY10/11 est.)
note: data are in 2013 US dollars
GDP (official exchange rate)$4.076 billion (2007 est.)
GDP - real growth rate2.2% (2012)
3.4% (2011)
2.1% (2010)
GDP - per capita (PPP)$83,100 (2007 est.)
$35,000 (2005 est.)
GDP - composition, by sector of originagriculture: 1%
industry: 13%
services: 86% (FY12/13 est.)
Agriculture - productscereals, vegetables; cattle, sheep, pigs, poultry
Industriesfinancial services, light manufacturing, tourism
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% (April 2011 est.)
1.8% (October 2010 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: NA%
highest 10%: NA%
Budgetrevenues: $965 million
expenditures: $943 million (FY05/06 est.)
Taxes and other revenues23.7% of GDP (FY05/06 est.)
Budget surplus (+) or deficit (-)0.5% of GDP (FY05/06 est.)
Fiscal year1 April - 31 March
Inflation rate (consumer prices)5% (2010 est.)
3.1% (2006)
Market value of publicly traded shares$NA
Exports - commoditiestweeds, herring, processed shellfish, beef, lamb
Imports - commoditiestimber, fertilizers, fish
Debt - external$NA
Exchange ratesManx pounds (IMP) per US dollar -
0.7391 (2016 est.)
0.6542 (2015 est.)
0.6542 (2014)
0.6472 (2013 est.)
0.6241 (2012 est.)