Isle of Man Economy 2008

Economy - overview:
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):
$2.719 billion (2005 est.)

GDP (official exchange rate):
$2.719 billion (2005 est.)

GDP - real growth rate:
5.2% (2005)

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

GDP - composition by sector:
agriculture: 1%
industry: 13%
services: 86% (2000 est.)

Labor force:
39,690 (2001)

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% (2001)

Unemployment rate:
1.5% (December 2006 est.)

Population below poverty line:
NA%

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

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

Budget:
revenues: $965 million
expenditures: $943 million (FY05/06 est.)

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

Industries:
financial services, light manufacturing, tourism

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

Exports:
$NA

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

Exports - partners:
UK (2006)

Imports:
$NA

Imports - partners:
UK (2006)

Economic aid - recipient:
$NA

Debt - external:
$NA

Market value of publicly traded shares:
$NA

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

Exchange rates:
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