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Isle of Man:
Economy

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Other pages in this profile of the Isle of Man:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
Offshore banking, manufacturing, and tourism are key sectors of the economy. The government offers 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 shares of GDP. The Isle of Man also attracts online gambling sites and the film industry. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.
GDP (purchasing power parity)
Definition - World rank and map
$2.719 billion (2005 est.)
GDP (official exchange rate)
Definition
$2.719 billion (2005 est.)
GDP - real growth rate
Definition - World rank and map
5.2% (2005)
GDP - per capita
Definition - World rank and map
$35,000 (2005 est.)
GDP - composition by sector
Definition
agriculture: 1%
industry: 13%
services: 86% (2000 est.)
Labor force
Definition
39,690 (2001)
Labor force - by occupation
Definition
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% (2001)
Unemployment rate
Definition - World rank and map
1.5% (December 2006 est.)
Population below poverty line
Definition
NA%
Household income or consumption by percentage share
Definition
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
Definition - World rank and map
3.1% (December 2006 est.)
Budget
Definition
revenues: $965 million
expenditures: $943 million (FY05/06 est.)
Agriculture - products
Definition
cereals, vegetables; cattle, sheep, pigs, poultry
Industries
Definition
financial services, light manufacturing, tourism
Industrial production growth rate
Definition - World rank and map
3.2% (FY96/97)
Exports
Definition - World rank and map
$NA
Exports - commodities
Definition
tweeds, herring, processed shellfish, beef, lamb
Exports - partners
Definition
UK (2006)
Imports
Definition - World rank and map
$NA
Imports - commodities
Definition
timber, fertilizers, fish
Imports - partners
Definition
UK (2006)
Debt - external
Definition - World rank and map
$NA
Market value of publicly traded shares
Definition
$NA
Economic aid - recipient
Definition
$NA
Currency (code)
Definition
Isle of Man pound (IMP), also known as the Manx pound
note: the British pound is also legal tender, but change is given in IMP
Exchange rates
Definition
Manx pounds per US dollar - 0.4993 (2007), 0.5418 (2006), 0.5493 (2005), 0.5462 (2004), 0.6125 (2003)
note: the Manx pound is at par with the British pound
Fiscal year
Definition
1 April - 31 March


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