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Man, Isle of (British crown dependency) Economy

    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 more than four fifths of GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

    GDP: purchasing power parity—$985 million (1998 est.)

    GDP—real growth rate: NA%

    GDP—per capita: purchasing power parity—$13,100 (1998 est.)

    GDP—composition by sector:
    agriculture: 2%
    industry: 16%
    services: 82% (1998 est.)

    Population below poverty line: NA%

    Household income or consumption by percentage share:
    lowest 10%: NA%
    highest 10%: NA%

    Inflation rate (consumer prices): 2.9% (1998 est.)

    Labor force: 33,577 (1996)

    Labor force—by occupation: manufacturing 11%, construction 10%, transport and communication 8%, retail distribution 9%, professional and scientific services 18%, public administration 6%, banking and finance 18%

    Unemployment rate: 1% (1998 est.)

    Budget:
    revenues: $437.7 million
    expenditures: $432.5 million, including capital expenditures of $102.2 million (FY98/99 est.)

    Industries: financial services, light manufacturing, tourism

    Industrial production growth rate: NA%

    Electricity—production: NA kWh

    Electricity—production by source:
    fossil fuel: 100%
    hydro: 0%
    nuclear: 0%
    other: 0%

    Electricity—consumption: NA kWh

    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 (�M) = 100 pence

    Exchange rates: Manx pounds (�M) per US$1—0.6057 (January 1999), 0.6037 (1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994)); the Manx pound is at par with the British pound

    Fiscal year: 1 April—31 March

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Revised 1-Mar-99
Copyright © 1999 Photius Coutsoukis (all rights reserved)