Isle of Man - Economic Indicators

Economic Overview

Financial services, 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. Online gambling sites provided about 10% of the islands income in 2014. The Isle of Man currently...

Continue reading View Factbook for Isle of Man

GDP Reference Last Previous Units Frequency
Nominal Gross Domestic Product 2015 4,445,637,000 4,514,166,000 NCU Annual
Real Gross Domestic Product 2015 4,383,831,454 4,538,127,800 NCU Annual
Demographics Reference Last Previous Units Frequency
Population 2017 84,000 83,737 # Annual
Birth Rate 2007 11.4 # per Ths. pop. Annual
Death Rate 2007 9.8 # per Ths. pop. Annual

Factbook

Background

Background:
Part of the Norwegian Kingdom of the Hebrides until the 13th century when it was ceded to Scotland, the isle came under the British Crown in 1765. Current concerns include reviving the almost extinct Manx Gaelic language. Isle of Man is a British Crown dependency but is not part of the UK or of the EU. However, the UK Government remains constitutionally responsible for its defense and international representation.

Geography

Location:
Western Europe, island in the Irish Sea, between Great Britain and Ireland
Geographic coordinates:
54 15 N, 4 30 W
Map references:
Europe
Area:
total: 572 sq km
land: 572 sq km
water: 0 sq km
country comparison to the world: 194
Area - comparative:
slightly more than three times the size of Washington, DC
Land boundaries:
0 km
Coastline:
160 km
Maritime claims:
territorial sea: 12 nm
exclusive fishing zone: 12 nm
Climate:
temperate; cool summers and mild winters; overcast about a third of the time
Terrain:
hills in north and south bisected by central valley
Elevation:
mean elevation: NA
elevation extremes: lowest point: Irish Sea 0 m
highest point: Snaefell 621 m
Natural resources:
none
Land use:
agricultural land: 74.7%
arable land 43.8%; permanent crops 0%; permanent pasture 30.9%
forest: 6.1%
other: 19.2% (2011 est.)
Irrigated land:
0 sq km (2012)
Population - distribution:
most people concentrated in cities and large towns of which Douglas, in the southeast, is the largest
Natural hazards:
occasional high winds and rough seas
Environment - current issues:
waste disposal (both household and industrial); transboundary air pollution
Geography - note:
one small islet, the Calf of Man, lies to the southwest and is a bird sanctuary

People & Society

Population:
88,815 (July 2017 est.)
country comparison to the world: 199
Nationality:
noun: Manxman(men), Manxwoman(women)
adjective: Manx
Ethnic groups:
white 96.5%, Asian/Asian British 1.9%, other 1.5% (2011 est.)
Languages:
English, Manx Gaelic (about 2% of the population has some knowledge)
Religions:
Protestant (Anglican, Methodist, Baptist, Presbyterian, Society of Friends), Roman Catholic
Age structure:
0-14 years: 16.28% (male 7,547/female 6,916)
15-24 years: 11.43% (male 5,355/female 4,800)
25-54 years: 38.79% (male 17,215/female 17,234)
55-64 years: 13.13% (male 5,891/female 5,772)
65 years and over: 20.36% (male 8,469/female 9,616) (2017 est.)
population pyramid:
Median age:
total: 44.2 years
male: 43.3 years
female: 44.9 years (2017 est.)
country comparison to the world: 11
Population growth rate:
0.68% (2017 est.)
country comparison to the world: 146
Birth rate:
11 births/1,000 population (2017 est.)
country comparison to the world: 180
Death rate:
10.2 deaths/1,000 population (2017 est.)
country comparison to the world: 37
Net migration rate:
6 migrant(s)/1,000 population (2017 est.)
country comparison to the world: 16
Population distribution:
most people concentrated in cities and large towns of which Douglas, in the southeast, is the largest
Urbanization:
urban population: 52.4% of total population (2017)
rate of urbanization: 0.81% annual rate of change (2015-20 est.)
Major urban areas - population:
DOUGLAS (capital) 29,000 (2014)
Sex ratio:
at birth: 1.08 male(s)/female
0-14 years: 1.1 male(s)/female
15-24 years: 1.1 male(s)/female
25-54 years: 1 male(s)/female
55-64 years: 1.02 male(s)/female
65 years and over: 0.87 male(s)/female
total population: 1 male(s)/female (2017 est.)
Infant mortality rate:
total: 4 deaths/1,000 live births
male: 4 deaths/1,000 live births
female: 4.1 deaths/1,000 live births (2017 est.)
country comparison to the world: 193
Life expectancy at birth:
total population: 81.3 years
male: 79.6 years
female: 83.2 years (2017 est.)
country comparison to the world: 29
Total fertility rate:
1.92 children born/woman (2017 est.)
country comparison to the world: 132
HIV/AIDS - adult prevalence rate:
NA
HIV/AIDS - people living with HIV/AIDS:
NA
HIV/AIDS - deaths:
NA
Unemployment, youth ages 15-24:
total: 10.1%
male: 11.8%
female: 8.2% (2011 est.)
country comparison to the world: 128

Government

Country name:
conventional long form: none
conventional short form: Isle of Man
abbreviation: I.O.M.
etymology: the name "man" may be derived from the Celtic word for "mountain"
Dependency status:
British Crown dependency
Government type:
parliamentary democracy (Tynwald); a Crown dependency of the UK
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
Administrative divisions:
none; there are no first-order administrative divisions as defined by the US Government, but there are 24 local authorities each with its own elections
Independence:
none (British crown dependency)
National holiday:
Tynwald Day, 5 July (1417); date Tynwald Day was first recorded
Constitution:
history: development of the Isle of Man constitution dates to at least the 14th century
amendments: proposed as a bill in the House of Keys, by the “Government,” by a “Member of the House,” or through petition to the House or Legislative Council; passage normally requires three separate readings and approval of at least 13 House members; following both House and Council agreement, assent is required by the lieutenant governor on behalf of the Crown; the constitution has been expanded and amended many times, last in 2015 (2016)
Legal system:
the laws of the UK, where applicable, apply and include Manx statutes
Citizenship:
see United Kingdom
Suffrage:
16 years of age; universal
Executive branch:
chief of state: Lord of Mann Queen ELIZABETH II (since 6 February 1952); represented by Lieutenant Governor Sir Richard GOZNEY (since 27 May 2016)
head of government: Chief Minister Howard QUAYLE (since 4 October 2016)
cabinet: Council of Ministers appointed by the lieutenant governor
elections/appointments: the monarchy is hereditary; lieutenant governor appointed by the monarch; chief minister indirectly elected by the Tynwald for a 5-year term (eligible for second term); election last held on 4 October 2016 (next to be held in 2021)
election results: Howard QUAYLE (independent) elected chief minister; Tynwald vote - 21 of 33
Legislative branch:
description: bicameral Tynwald or the High Court of Tynwald consists of the Legislative Council (11 seats; includes the President of Tynwald, 2 ex-officio members - the Lord Bishop of Sodor and Man and the attorney general (non-voting) - and 8 members indirectly elected by the House of Keys with renewal of 4 members every 2 years; elected members serve 4-year terms) and the House of Keys (24 seats; 2 members directly elected by simple majority vote from 12 constituencies to serve 5-year terms)
elections: House of Keys - last held on 22 September 2016 (next to be held in September 2021)
election results: House of Keys - percent of vote by party - Liberal Vannin 6.4%, independent 92.3%; seats by party - Liberal Vannin 3, other 1.3% independent 21
Judicial branch:
highest resident court(s): Isle of Man High Court of Justice (consists of 3 permanent judges or "deemsters" and 1 judge of appeal; organized into the Staff of Government Division or Court of Appeal and the Civil Division); the Court of General Gaol Delivery is not formally part of the High Court but is administered as though part of the High Court and deals with serious criminal cases; note - appeals beyond the Court of Appeal are referred to the Judicial Committee of the Privy Council (in London)
judge selection and term of office: deemsters appointed by the Lord Chancellor of England on the nomination of the lieutenant governor; deemsters can serve until age 70
subordinate courts: High Court; Court of Summary Gaol Delivery; Summary Courts; Magistrate's Court; specialized courts
Political parties and leaders:
Liberal Vannin Party [Kate BEECROFT]
Manx Labor Party
Mec Vannin [Bernard MOFFATT]; (sometimes referred to as the Manx Nationalist Party)
note: most members sit as independents
Political pressure groups and leaders:
Alliance for Progressive Government or APG (a government watchdog)
International organization participation:
UPU
Diplomatic representation in the US:
none (British Crown dependency)
Diplomatic representation from the US:
none (British Crown dependency)
Flag description:
red with the Three Legs of Man emblem (triskelion), in the center; the three legs are joined at the thigh and bent at the knee; in order to have the toes pointing clockwise on both sides of the flag, a two-sided emblem is used; the flag is based on the coat-of-arms of the last recognized Norse King of Mann, Magnus III (r. 1252-65); the triskelion has its roots in an early Celtic sun symbol
National symbol(s):
triskelion (a motif of three legs); national colors: red, white
National anthem:
name: "Arrane Ashoonagh dy Vannin" (O Land of Our Birth)
lyrics/music: William Henry GILL [English], John J. KNEEN [Manx]/traditional
note: adopted 2003, in use since 1907; serves as a local anthem; as a British Crown dependency, "God Save the Queen" is official (see United Kingdom) and is played when the sovereign, members of the royal family, or the lieutenant governor are present

Economy

Economy - overview:
Financial services, 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. Online gambling sites provided about 10% of the islands income in 2014. The Isle of Man currently enjoys free access to EU markets and trade is mostly with the UK. The Isle of Man’s trade relationship with the EU derives from the United Kingdom’s EU membership and will need to be renegotiated in light of the United Kingdom’s decision to withdraw from the bloc.
GDP (purchasing power parity):
$7.428 billion (2014 est.)
$6.298 billion (2013 est.)
$5.85 billion (2012 est.)
note: data are in 2014 US dollars
country comparison to the world: 168
GDP (official exchange rate):
$6.615 billion (2014 est.)
GDP - real growth rate:
2.2% (2012 est.)
3.4% (2011 est.)
2.1% (2010 est.)
country comparison to the world: 147
GDP - per capita (PPP):
$84,600 (2014 est.)
$73,100 (2013 est.)
$68,500 (2012 est.)
country comparison to the world: 9
GDP - composition, by sector of origin:
agriculture: 1%
industry: 13%
services: 86% (FY12/13 est.)
Agriculture - products:
cereals, vegetables; cattle, sheep, pigs, poultry
Industries:
financial services, light manufacturing, tourism
Labor force:
41,790 (2006 est.)
country comparison to the world: 195
Labor force - by occupation:
agriculture, forestry, and fishing: 2%
manufacturing: 5%
construction: 8%
gas, electricity, and water: 1%
transport and communication: 9%
wholesale and retail distribution: 11%
professional and scientific services: 20%
public administration: 7%
banking and finance: 23%
tourism: 1%
entertainment and catering: 5%
miscellaneous services: 8% (2006 est.)
Unemployment rate:
2.7% (2013 est.)
2% (April 2011 est.)
country comparison to the world: 26
Population below poverty line:
NA%
Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%
Budget:
revenues: $965 million
expenditures: $943 million (FY05/06 est.)
Taxes and other revenues:
14.6% of GDP (FY05/06 est.)
country comparison to the world: 196
Budget surplus (+) or deficit (-):
0.3% of GDP (FY05/06 est.)
country comparison to the world: 28
Fiscal year:
1 April - 31 March
Inflation rate (consumer prices):
5% (2010 est.)
3.1% (2006 est.)
country comparison to the world: 172
Market value of publicly traded shares:
$NA
Exports:
$NA
Exports - commodities:
tweeds, herring, processed shellfish, beef, lamb
Imports:
$NA
Imports - commodities:
timber, fertilizers, fish
Debt - external:
$NA
Exchange rates:
Manx pounds (IMP) per US dollar -
0.78 (2017 est.)
0.74 (2016 est.)
0.74 (2015)
0.65 (2014)
0.65 (2013 est.)

Energy

Electricity access:
electrification - total population: 100% (2016)

Communications

Telephone system:
domestic: landline, telefax, mobile cellular telephone system
international: country code - 44; fiber-optic cable, microwave radio relay, satellite earth station, submarine cable
Broadcast media:
national public radio broadcasts over 3 FM stations and 1 AM station; 2 commercial broadcasters operating with 1 having multiple FM stations; receives radio and TV services via relays from British TV and radio broadcasters (2008)
Internet country code:
.im

Transportation

Civil aircraft registration country code prefix:
M (2016)
Airports:
1 (2013)
country comparison to the world: 221
Airports - with paved runways:
total: 1
1,524 to 2,437 m: 1 (2017)
Railways:
total: 63 km
narrow gauge: 6 km 1.076-m gauge (6 km electrified); 57 km 0.914-m gauge (29 km electrified)
note: primarily summer tourist attractions (2008)
country comparison to the world: 130
Roadways:
total: 500 km (2008)
country comparison to the world: 197
Ports and terminals:
major seaport(s): Douglas, Ramsey

Military & Security

Military - note:
defense is the responsibility of the UK

Transnational Issues

Disputes - international:
none

Economic Indicators for Isle of Man including actual values, historical data, and latest data updates for the Isle of Man economy.