The Isle of Man has enjoyed economic growth of 5 per cent over the last 12 months, government figures reveal. But, as always there were winners and loser, with some sectors - notably e-gaming - racing ahead while some declined, reports IOM today
Our Gross Domestic Product reached £4.51 billion in 2014/15 after real growth of 5 per cent during the year, according to the latest national income report published. The report, from the Economic Affairs unit of the Cabinet Office, confirms that this was the 32nd successive year of growth for the island’s economy.
Key results include: Growth in GDP of 4.5 per cent, or 5 per cent in real terms (compared to 4.5 per cent in 2013/14). Growth in Gross National Product of 0.9 per cent, or 1.4 per cent in real terms (compared with 5.1 per cent in 2013/14). E-gaming grew by 22 per cent and insurance rose by 7 per cent respectively in real terms. E-gaming remains the largest economic sector at 19.5 per cent, followed by insurance on 14.9 per cent.
A reduction in losses incurred by companies from the tourist accommodation sector has allowed it to strongly bounce back, with growth of 80 per cent compared to 2013/14. But agriculture shrank by 21 per cent, manufacturing dropped 19 per cent, and transport and communications fell by a quarter.
Chief Minister Allan Bell: ‘The headline figures are reassuring, showing growth returning to pre 2008/09 levels and confirming the overall strength of the island’s economy. However, it is clear that some sectors are not doing so well and the reality of a two-speed economy has to be recognised.’ The accounts contained in the report relate to the year 2014/15 and do not necessarily reflect the current position of the island’s economy.