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EconomyEconomy - 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. The Isle of Man enjoys free access to EU markets. Gdp (purchasing power parity) World Ranking: 182
$2.719 billion (2005 est.)
Gdp (official exchange rate)
$2.719 billion (2005 est.)
Gdp - real growth rate World Ranking: 63
5.2% (2005)
Gdp - per capita (ppp) World Ranking: 37
$35,000 (2005 est.)
Gdp - composition by sector
Agriculture 1%
Industry 11% Services 88% (FY08/09 est.) Labor force World Ranking: 193
41,790 (2006)
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 World Ranking: 13
2% (April 2011 est.)
1.8% (October 2010 est.) Population below poverty line
NA%
Household income or consumption by percentage share
Lowest 10% NA%
Highest 10% NA% Budget
Revenues $965 million
Expenditures $943 million (FY05/06 est.) Taxes and other revenues World Ranking: 64
35.5% of GDP (FY05/06 est.)
Budget surplus (+) or deficit (-) World Ranking: 36
0.8% of GDP (FY05/06 est.)
Inflation rate (consumer prices) World Ranking: 121
5% (2010 est.)
3.1% (2006) Market value of publicly traded shares
$NA
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 - 0.6241 (2011)0.6472 (2010) 0.6175 (2009) 0.5302 (2008) 0.4993 (2007) Fiscal year
1 April - 31 March
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Isle Of Man [ United Kingdom ] (British Crown Dependency):
 
GPS points from Isle Of Man [ United Kingdom ] (British Crown Dependency)
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Part of the Norwegian Kingdom of the Hebrides until the 13th century when it was ceded to Scotland, the isle came under the British crown in 1765. Current concerns include reviving the almost extinct Manx Gaelic language. Isle of Man is a British crown dependency but is not part of the UK or of the European Union. However, the UK Government remains constitutionally responsible for its defense and international representation.