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

GDP purchasing power parity - $1.4 billion (1999 est.)

GDP - real growth rate 13.5% (1999 est.)

GDP - per capita purchasing power parity - $18,800 (1999 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) 2.5% (2000 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% (February 2002)

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% (FY96/97)

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 British pound (GBP); note - there is also a Manx pound

Currency code GBP

Exchange rates Manx pounds per US dollar - 0.6764 (January 2001), 0.6596 (2000), 0.6180 (1999), 0.6037 (1998), 0.6106 (1997); 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 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Man, Isle of Economy 2002 information contained here. All suggestions for corrections of any errors about Man, Isle of Economy 2002 should be addressed to the CIA.