National Income Report indicates 1.9% growth in GDP
The Isle of Man’s economy grew by 1.9% in 2019/20 compared to the previous year.
The figure is published in the annual Isle of Man National Income 2019/20 report, produced by the Economic Affairs division of the Cabinet Office.
In addition to providing a measure of the size and growth of the Manx economy, the document highlights the changing importance of sectors within the economy and the emergence of new economic activity.
The 2019/20 report shows that there was an increase in growth for the Island’s economy by 1.9% compared to 2018/19, or 0.1% after taking into account inflation. Other key results from the report include:
- Total Gross Domestic Product increased from £5.43bn to £5.53bn
- Increase in Gross National Product (as well as Gross National Income) of 2.3%, or 0.5% in real terms (compared to 7.8% in 2018/19)
- ICT and Other Professional Services were the most significant drivers of economic growth in 2019/20, increasing in size by £97.4m and £34.2m respectively.
- Just over half the sectors in the economy (12) experienced growth, whilst the remaining 11 sectors saw contractions
- Insurance continues to be the largest sector of the Island’s economy, accounting for 19.3% of the economy, with eGaming contributing 17.1%
The report can be found at the Economic Affairs section of the Isle of Man Government website.
