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.
Trade is mostly with the UK. The Isle of Man enjoys free access to
EU markets.
GDP:
purchasing power parity - $1.6 billion (2001 est.)
GDP - real growth rate:
13.5%
GDP - per capita:
purchasing power parity - $21,000 (2001 est.)
GDP - composition by sector:
agriculture: 1%
industry: 13%
services: 86% (2000 est.)
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices):
3.6% (March 2003 est.)
Labor force:
36,610 (1998)
Labor force - by occupation:
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%
Unemployment rate:
0.7% (March 2003)
Budget:
revenues: $485 million
expenditures: $463 million, including capital expenditures of $NA
(FY00/01 est.)
Industries:
financial services, light manufacturing, tourism
Industrial production growth rate:
3.2% (FY 96/97)
Agriculture - products:
cereals, vegetables; cattle, sheep, pigs, poultry
Exports:
$NA
Exports - commodities:
tweeds, herring, processed shellfish, beef, lamb
Exports - partners:
UK (2000 est.)
Imports:
$NA
Imports - commodities:
timber, fertilizers, fish
Imports - partners:
UK (2000)
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
British pound (GBP); note - there is also a Manx pound
Currency code:
GBP
Exchange rates:
Manx pounds per US dollar - 0.6661 (2002), 0.6944 (2001), 0.6596
(2000), 0.6180 (1999), 0.6037 (1998); the Manx pound is at par with
the British pound
Fiscal year:
1 April - 31 March