Isle of Man Economy

Is Isle of Man a rich country?

Financial services, 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. Online gambling sites provided about 10% of the islands income in 2014. The Isle of Man currently enjoys free access to EU markets and trade is mostly with the UK. The Isle of Man’s trade relationship with the EU derives from the United Kingdom’s EU membership and will need to be renegotiated in light of the United Kingdom’s decision to withdraw from the bloc. A transition period is expected to allow the free movement of goods and agricultural products to the EU until the end of 2020 or until a new settlement is negotiated.

Isle of Man Economy Data

What is the GDP of Isle of Man?

Currency Name and Code Pound Sterling (GBP)
GDP - Gross Domestic Product (PPP) $6,298,000,000 (USD)
GDP - official exchange rate $4,076,000,000 (USD)
GDP - real growth rate 2.2%
GDP Per Capita $83,100.00 (USD)
GDP by Sector- agriculture 1%
GDP by Sector- Industry 13%
GDP by Sector- services 86%
Inflation Rate 3.1%
Labor Force 39,690
Unemployment Rate 1.8%
Fiscal Year 1 April - 31 March
Annual Budget $965,000,000 (USD)
Budget Surplus or Deficit - percent of GDP 0.5%
Taxes and other revenues - percent of GDP 23.7%
Major Industries financial services, light manufacturing, tourism
Agriculture Products cereals, vegetables; cattle, sheep, pigs, poultry
Exchange Rate per US Dollar British pound (GBP); note - there is also a Manx pound
Labor Force By Occupation - agriculture, forestry and fishing 2%
Labor Force By Occupation - banking and finance 23%
Labor Force By Occupation - gas, electricity and water 1%
Labor Force By Occupation - miscellaneous services 8%
Labor Force By Occupation - public administration 7%
Labor Force By Occupation - tourism 1%
Labor Force By Occupation - transportation and communication 9%
Labor Force By Occupation - wholesale and retail distribution 11%
Labor Force By Occupation- construction 8%
Labor Force By Occupation- entertainment and catering 5%
Labor Force By Occupation- manufacturing 5%
Labor Force By Occupation- professional and scientific services 20%

Labor Force by Occupation- As reported by Isle of Man

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