Economy of the Isle of Man
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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 the great bulk of GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.
GDP:
purchasing power parity - $1.2 billion (1998 est.)
GDP - real growth rate:
NA%
GDP - per capita:
purchasing power parity - $16,000 (1998 est.)
GDP - composition by sector:
Population below poverty line:
NA%
Household income or consumption by percentage share:
Inflation rate (consumer prices):
2% (1999 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% (July 1999)
Budget:
Industries:
financial services, light manufacturing, tourism
Industrial production growth rate:
3.2% (1996/97)
Electricity - production:
329 million kWh (1999)
Electricity - production by source:
Electricity - consumption:
287 million kWh (1999)
Electricity - exports:
NA kWh
Electricity - imports:
NA kWh
Agriculture - products:
cereals, vegetables; cattle, sheep, pigs, poultry
Exports:
$NA
Exports - commodities:
tweeds, herring, processed shellfish, beef, lamb
Exports - partners:
UK
Imports:
$NA
Imports - commodities:
timber, fertilizers, fish
Imports - partners:
UK
Debt - external:
$NA
Economic aid - recipient:
$NA
Currency:
1 Manx pound = 100 pence
Exchange rates:
Manx pounds per US$1 - 0.6092 (January 2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995); the Manx pound is at par with the British pound
Fiscal year:
1 April - 31 March
agriculture:
1%
industry:
10%
services:
89% (1999 est.)
lowest 10%:
NA%
highest 10%:
NA%
revenues:
$816 million
expenditures:
$504 million, including capital expenditures of $NA (FY99/00 est.)
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)