| Economy - 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. |
| 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 |
| GDP (official exchange rate) | $6.792 billion (2015 est.) |
| GDP - real growth rate | -8.6% (2015 est.) 17.9% (2014 est.) 2.1% (2010 est.) |
| GDP - per capita (PPP) | $84,600 (2014 est.) $86,200 (2013 est.) $73,700 (2012 est.) |
| GDP - composition by sector | agriculture: 1% (FY12/13 est.) industry: 13% (FY12/13 est.) services: 86% (FY12/13 est.) |
| Population below poverty line | NA |
| 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 | 1.1% (2017 est.) 2% (April 2011 est.) |
| Unemployment, youth ages 15-24 | total: 10.1% male: 11.8% female: 8.2% (2011 est.) |
| Household income or consumption by percentage share | |
| Budget | revenues: 965 million (FY05/06 est.) expenditures: 943 million (FY05/06 est.) |
| Taxes and other revenues | 14.2% (of GDP) (FY05/06 est.) |
| Budget surplus (+) or deficit (-) | 0.3% (of GDP) (FY05/06 est.) |
| Inflation rate (consumer prices) | 4.1% (2017 est.) 1% (2016 est.) |
| Market value of publicly traded shares | |
| Agriculture - products | cereals, vegetables; cattle, sheep, pigs, poultry |
| Industries | financial services, light manufacturing, tourism |
| Exports | NA |
| Exports - commodities | tweeds, herring, processed shellfish, beef, lamb |
| Imports | NA |
| Imports - commodities | timber, fertilizers, fish |
| Debt - external | NA |
| 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.) |
| Fiscal year | 1 April - 31 March |
Source: CIA World Factbook
This page was last updated on Friday, November 27, 2020
