Isle of Man Economic Statistics and Indicators

31, Oct 2020, EDT. Welcome to the Isle of Man economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.

Economic Indicators For: Isle of Man › Change country
National or Regional Currency: British Pound Sterling, GBP
Year of data: 2015 › Change year
Number of Indicators Listed:
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 86,866 (July 2014 est.)
Area: total: 572 sq km ; land: 572 sq km ; water: 0 sq km
Natural Resources: none
Capital: name: Douglas ; geographic coordinates: 54 09 N, 4 29 W ; time difference: UTC 0 (5 hours ahead of Washington, DC, during Standard Time) ; daylight saving time: +1hr, begins last Sunday in March; ends last Sunday in October

Offshore banking, manufacturing, and tourism are key sectors of the economy. The government offers low taxes and other incentives to high-technology companies and financial institutions to locate on the island; this 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 contributions to GDP. The Isle of Man also attracts online gambling sites and the film industry. Trade is mostly with the UK. In January 2013, the Isle of Man signed a tax agreement with Guernsey and Jersey, in order to enable the islands' authorities to end tax avoidance and evasion. The Isle of Man enjoys free access to EU markets.

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