The island’s Gross Domestic Product (GDP) shrank during the pandemic, official statistics have shown.

The government’s National Income report was released today.

It spans 2020/21, covering when Covid began and the pandemic’s height.

Produced by Statistics Isle of Man, the document shows a fall in Gross Domestic Product of 8.2%, or 8% when taking into account inflation.

This compares with an 11% drop in the United Kingdom and 10% in Jersey.

The annual report aims to measure the size of the Manx economy and chart its growth, as well as monitor the relative sizes of the contribution to the economy made by various business sectors.

Other key points include that the total Gross Domestic Product decreased from £5.53 billion to £5.08bn.

Gross National Income and Gross National Product both fell by 6.5%, or 6.3% and 6.4% respectively in real terms.

This compares with a real-terms rise of 0.5% in 2019/2020.

Personal incomes also remained largely static, changing by 0.2% compared with 2019/2020.

Meanwhile, a total of 10 sectors exhibited contractions while 14 experienced growth, ‘although this tended to be modest for the majority of sectors’, according to the report.

Insurance is still the largest sector of the island’s economy, accounting for 22.4%, with eGaming contributing the second largest share at 11.2%.

The report can be found at the Statistics Isle of Man section of the Isle of Man Government website.

There are no more recent figures to show whether the economy has bounced back since 2021.