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 half to GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

GDP purchasing power parity - $780 million (1994 est.)

GDP - real growth rate NA%

GDP - per capita purchasing power parity - $10,800 (1994 est.)

GDP - composition by sector
agriculture: NA%
industry: NA%
services: NA%

Inflation rate - consumer price index 2% (1996 est.)

Labor force
total: 33,577 (1996)
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 2% (1996 est.)

Budget
revenues: $333.7 million
expenditures: $333.5 million, including capital expenditures of $NA (FY94/95 est.)

Industries financial services, light manufacturing, tourism

Industrial production growth rate NA%

Electricity - capacity NA kW

Electricity - production NA kWh

Electricity - consumption per capita NA kWh

Agriculture - products cereals, vegetables; cattle, sheep, pigs, poultry

Exports $NA
commodities: tweeds, herring, processed shellfish, beef, lamb
partners: UK

Imports $NA
commodities: timber, fertilizers, fish
partners: UK

Debt - external $NA

Economic aid
recipient: ODA, $NA

Currency 1 Manx pound (£M) = 100 pence

Exchange rates Manx pounds (£M) per US$1 - 0.6115 (January 1998), 0.6106 (1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994), 0.6658 (1993); the Manx pound is at par with the British pound

Fiscal year 1 April - 31 March

NOTE: The information regarding Man, Isle of on this page is re-published from the 1998 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Man, Isle of Economy 1998 information contained here. All suggestions for corrections of any errors about Man, Isle of Economy 1998 should be addressed to the CIA.