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Isle of Man Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Isle of Man Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 14, 2014

Economy - overview:
Offshore banking, 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. Trade is mostly with the UK. In January 2013, the Isle of Man signed a tax agreement with Guernsey and Jersey, in order to enable the islands' authorities to end tax avoidance and evasion. The Isle of Man enjoys free access to EU markets.

GDP (purchasing power parity):
$4.076 billion (2007 est.)
country comparison to the world: 175

$2.719 billion (2005 est.)
[see also: GDP country ranks ]

GDP (official exchange rate):
$4.076 billion (2007 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.2% (2005)
country comparison to the world: 58
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$53,800 (2007 est.)
country comparison to the world: 12

$35,000 (2005 est.)
[see also: GDP - per capita country ranks ]

GDP - composition, by sector of origin:
agriculture: 1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 11%
services: 88% (FY08/09 est.)

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

Industries:
financial services, light manufacturing, tourism

Labor force:
41,790 (2006)
country comparison to the world: 195
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture, forestry, and fishing: 2%
manufacturing: 5%
construction: 8%
gas, electricity, and water: 1%
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% (April 2011 est.)
country comparison to the world: 11

1.8% (October 2010 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: NA%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: NA%

Budget:
revenues: $965 million
[see also: Budget revenues country ranks ]
expenditures: $943 million (FY05/06 est.)

Taxes and other revenues:
23.7% of GDP (FY05/06 est.)
country comparison to the world: 137
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
0.5% of GDP (FY05/06 est.)
country comparison to the world: 38
[see also: Budget surplus (+) or deficit (-) country ranks ]

Fiscal year:
1 April - 31 March

Inflation rate (consumer prices):
5% (2010 est.)
country comparison to the world: 145

3.1% (2006)
[see also: Inflation rate (consumer prices) country ranks ]

Market value of publicly traded shares:
$NA
[see also: Market value of publicly traded shares country ranks ]

Exports:
$NA
[see also: Exports country ranks ]

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

Imports:
$NA
[see also: Imports country ranks ]

Imports - commodities:
timber, fertilizers, fish

Debt - external:
$NA
[see also: Debt - external country ranks ]

Exchange rates:
Manx pounds (IMP) per US dollar -

0.6307 (2011)
0.6472 (2011)
0.6472 (2010)
0.6175 (2009)
0.5302 (2008)


NOTE: 1) The information regarding Isle of Man on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Isle of Man Economy 2014 information contained here. All suggestions for corrections of any errors about Isle of Man Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






This page was last modified 06-Nov-14
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