Business Environment

Summary

The Isle of Man Government’s policy is to provide an environment for business with the minimum necessary controls. The objective is to preserve a mixed economy and the development of a variety of sectors (agriculture, film, finance, light industry, tourism) is encouraged.

Economic Statistics

The Island’s Gross National Product (for the year ended 5 April 2006) was £1,700,935,000, a 5.7% rise in real terms from the previous year. The proportions contributed by the various sectors of the economy in the year to 5 April 2006 were as follows:

At May 2008 annual inflation stood at 5.6%. Economic growth (in gross domestic product) increase of approximately 8% is forecast for the period 2007/2008, 6% for 2008/2009 and 6% for 2009/2010. A budget surplus of £32.4 million is expected for 2008/2009.

Currency

The Isle of Man has a decimal currency system with the pound sterling as the principal unit. The currency is essentially, the same as that of the United Kingdom, although the Isle of Man Government issues its own notes and coins. The current policy in relation to the Euro is that the Euro will be adopted as the Island’s currency if and when the British government does so for the United Kingdom.

Industries

Traditional Manx industries include agriculture, fishing and tourism; these industries have declined somewhat in recent years and the finance sector has become increasingly important. Light manufacturing is encouraged and there is a growing film industry.