Economy of the Isle of Man
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Offshore banking, manufacturing, and tourism are key sectors of the economy of the Isle of Man. 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 United Kingdom. The Isle of Man has access to European Union markets.
GDP: purchasing power parity - $2.113 billion (2003 est.)
GDP - real growth rate: NA%
GDP - per capita: purchasing power parity - $28,500 (2003 est.)
GDP - composition by sector:
agriculture:
1%
industry:
13%
services:
86% (2000 est.)
Population below poverty line: NA%
Household income or consumption by percentage share:
lowest 10%:
NA%
highest 10%:
NA%
Inflation rate (consumer prices): 3.6% (2003 est.)
Labor force: 39,690(2001)
Labour 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: 0.6% (2004 est.)
Budget:
revenues:
$485 million
expenditures:
$463 million, including capital expenditures of $NA (FY00/01 est.)
Industries: financial services, light manufacturing, tourism
Industrial production growth rate: 3.2% (1996/97)
Electricity - production: 329 GWh (1999)
Electricity - production by source:
fossil fuel:
100%
hydro:
0%
nuclear:
0%
other:
0% (1999)
Electricity - consumption: 287 GWh (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