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Manx economy sees 28th year of growth
THE island’s economy grew for the 28th year running in 2010/11, according to statistics released by the government this morning.
The Treasury has released the island’s national income accounts for the year.
The accounts measure the size and growth of the Manx economy and its individual sectors.
Key results from the report include:
Total GDP of £3½ bn
Growth in GDP of 8.3 per cent, or 3.4 per cent in real terms (compared to 2.1% over 2009/10)
Growth in GNI of 6.7 per cent, or 1.8 per cent in real terms
Almost 19 per cent increase in the size of the ICT sector
Another very strong year for e-gaming, albeit the sector providing a lesser contribution to GDP
A steadying in the banking sector and a sizeable improvement in the insurance sector meaning the finance industry accounts for 35% of national income
A virtually unchanged position in engineering, but with some contraction in real terms elsewhere in manufacturing
in the domestic economy, declining fortunes for construction but a better year for retailing and the utilities.
A Treasury spokesman said: ‘It should be emphasised that the accounts contained within this report relate to the year 2010/2011 and do not necessarily reflect the current position of the Island’s economy, although all economic indicators would point to the economy having expanded again in 2011/12, although by a smaller amount.’
The delay in production of the national income accounts arises because they are derived principally from income tax assessments data, which are not fully complete until a year or more after the reference year.
More on this story in Monday’s Isle of Man Examiner
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Weather for Isle of Man
Tuesday 21 May 2013
Today
Sunny spells
Temperature: 9 C to 13 C
Wind Speed: 36 mph
Wind direction: North west
Tomorrow
Sunny spells
Temperature: 6 C to 12 C
Wind Speed: 24 mph
Wind direction: North west
