Short facts about the economy in Man, Isle of

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 42% to 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:  9% services:  90% (1999 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:

0.6% (August 2000)

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), 0.6403 (1996); the Manx pound is at par with the British pound

Fiscal year:

1 April - 31 March

Source: World Factbook