FactFile

---

Economy - overview:
Offshore banking, manufacturing, and tourism are key sectors of the economy. The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island 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. Banking and other services now contribute 42% to GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

GDP:
purchasing power parity - $2.719 billion (2005 est.)

GDP - real growth rate:
5.2% (2005)

GDP - per capita:
$35,000 (2005 est.)

GDP - composition by sector:
agriculture: 1%
industry: 11%
services: 88% (2008/09 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
3.1% (Dec 2006 est.)

Labour force:
41,790 (2006)

Labour force - by occupation:
agriculture, forestry and fishing 2%
manufacturing 5%
construction 8%
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 rate:
2% (Apr 2011)

Budget:
revenues: $965 million
expenditures: $943 million (2005/06 est.)

Industries:
financial services, light manufacturing, tourism

Industrial production growth rate:
3.2% (FY96/97)

Agriculture - products:
cereals, vegetables; cattle, sheep, pigs, poultry

Exports - commodities:
tweeds, herring, processed shellfish, beef, lamb

Imports - commodities:
timber, fertilisers, fish

Currency:
British pound (GBP); note - there is also a Manx pound

Currency code:
GBP

Exchange rates:
Manx pounds per US dollar -
0.6176 (2011)
0.6468 (2010)
0.6175 (2009)
0.5302 (2008)
0.4993 (2007)
0.5418 (2006)
0.5493 (2005)
0.5462 (2004)
0.6125 (2003)
0.6672 (2002)
0.6947 (2001)
0.6596 (2000)
0.6180 (1999)
0.6037 (1998)
0.6106 (1997)
0.6403 (1996)
the Manx pound is at par with the British pound

Fiscal year:
1 April - 31 March

Last update 2012