The economy of the Isle of Man is a low-tax economy with
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
,
online gambling
Online gambling is any kind of gambling conducted on the internet. This includes virtual poker, casinos and sports betting. The first online gambling venue opened to the general public was ticketing for the Liechtenstein International Lottery in ...
operators and developers,
information and communications technology
Information and communications technology (ICT) is an extensional term for information technology (IT) that stresses the role of unified communications and the integration of telecommunications (telephone lines and wireless signals) and computers, ...
(ICT), and
offshore bank
An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and ...
ing forming key sectors of the island's
economy
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the ...
.
As an
offshore financial centre
An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."
"Offshore" does not refer ...
located in the
Irish Sea
The Irish Sea or , gv, Y Keayn Yernagh, sco, Erse Sie, gd, Muir Èireann , Ulster-Scots: ''Airish Sea'', cy, Môr Iwerddon . is an extensive body of water that separates the islands of Ireland and Great Britain. It is linked to the Ce ...
, the
Isle of Man
)
, anthem = "O Land of Our Birth"
, image = Isle of Man by Sentinel-2.jpg
, image_map = Europe-Isle_of_Man.svg
, mapsize =
, map_alt = Location of the Isle of Man in Europe
, map_caption = Location of the Isle of Man (green)
in Europe ...
is within the British Isles but does not form part of the United Kingdom and is not a member of
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
.
As of 2016, the
Crown dependency's
gross national income
The gross national income (GNI), previously known as gross national product (GNP), is the total domestic and foreign output claimed by residents of a country, consisting of gross domestic product (GDP), plus factor incomes earned by foreign ...
(GNI) per capita was US$89,970 as assessed by the
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Interna ...
. The
Isle of Man Government
The Isle of Man Government ( gv, Reiltys Ellan Vannin) is the government of the Isle of Man. The formal head of the Isle of Man Government is the Lieutenant Governor, the personal representative of Charles III. The executive head is the Chief Mi ...
's own National Income Report shows the largest sectors of the economy are insurance and
eGaming with 17% of GNI each, followed by
ICT and banking with 9% each, with tourist accommodation in the lowest sector at 0.3%.
Economic performance
After 32 years of continued
Gross Domestic Product
Gross domestic product (GDP) is a money, monetary Measurement in economics, measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjec ...
(GDP) growth, the financial year 2015/16 showed the first drop in GDP, of 0.9%, triggered by decline in eGaming revenues.
The unemployment rate is around 5%.
Property prices are flat or declining, but recent figures also show an increase in resident income tax payers.
The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island has expanded employment opportunities in high-income industries.
Agriculture
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to ...
,
fishing
Fishing is the activity of trying to catch fish. Fish are often caught as wildlife from the natural environment, but may also be caught from stocked bodies of water such as ponds, canals, park wetlands and reservoirs. Fishing techniques inclu ...
, and the hospitality industry, once the mainstays of the economy, now make declining contributions to the island's GNP. The hospitality sector contributed just of 0.3% of GNP in 2015/16,
and 629 jobs in 2016.
eGaming and ICT contribute the great bulk of GNP.
The stability of the island's government and its openness for business make the Isle of Man an attractive alternative jurisdiction (DAW Index ranked 3).
Economic strategy
In the Vision2020 the Isle of Man government lays out the national strategy of economic growth, seeking an increase of the economically active population an promoting the Island as an
'Enterprise Island, ''Tech Isle', 'Manufacturing centre of excellence', 'Offshore energy hub', 'Destination Island' and for 'Distinctive local food and drink'. The government has published its national economic strategies for several emerging sectors: aerospace, biomed, digital media, ICT.
Taxation and trade
Tax rates
The Isle of Man is a low-tax economy with no
capital gains tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, Bond (finance), bonds, precious metals, real estate, and property.
Not all count ...
,
wealth tax
A wealth tax (also called a capital tax or equity tax) is a tax on an entity's holdings of assets. This includes the total value of personal assets, including cash, bank deposits, real estate, assets in insurance and pension plans, ownershi ...
,
stamp duty
Stamp duty is a tax that is levied on single property purchases or documents (including, historically, the majority of legal documents such as cheques, receipts, military commissions, marriage licences and land transactions). A physical revenu ...
, or
inheritance tax
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died.
International tax law distinguishes between an es ...
; and a top rate of
income tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Tax ...
of 20%. A tax cap is in force: the maximum amount of tax payable by an individual is £200,000; or £400,000 for couples if they choose to have their incomes jointly assessed. Personal income is assessed and taxed on a total worldwide income basis rather than on a
remittance
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes wit ...
basis. This means that all income earned throughout the world is assessable for Manx tax, rather than only income earned in or brought into the Island.
The standard rate of
corporation tax
A corporate tax, also called corporation tax or company tax, is a direct tax imposed on the income or capital of corporations or analogous legal entities. Many countries impose such taxes at the national level, and a similar tax may be imposed at ...
for residents and non-residents is 0%; retail business profits above £500,000 and banking business income are taxed at 10%, and rental (or other) income from land and buildings situated on the Isle of Man is taxed at 20%.
Trade
Trade is mostly with the
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...
. The Isle of Man has free access to
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...
markets for goods, but only has restricted access for services, people, or financial products.
Tax transparency and the offshore banking debate
The Isle of Man as an
offshore financial centre
An offshore financial centre (OFC) is defined as a "country or jurisdiction that provides financial services to nonresidents on a scale that is incommensurate with the size and the financing of its domestic economy."
"Offshore" does not refer ...
has been repeatedly featured in the press as a
tax haven
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or n ...
, most recently in the wake of the
Paradise Papers
The Paradise Papers are a set of over 13.4 million confidential electronic documents relating to offshore investments that were leaked to the German reporters Frederik Obermaier and Bastian Obermayer, from the newspaper'' Süddeutsch ...
.
The
Organisation for Economic Co-operation and Development
The Organisation for Economic Co-operation and Development (OECD; french: Organisation de coopération et de développement économiques, ''OCDE'') is an intergovernmental organization, intergovernmental organisation with 38 member countries ...
's (OECD)
has rated the Isle of Man as 'top compliant' for a second time: a status which only three jurisdictions in the world have achieved so far. The island has become the second nation after Austria to ratify a multilateral convention with the OECD to implement measures to prevent
Base Erosion and Profit Shifting
Base erosion and profit shifting (BEPS) refers to corporate tax planning strategies used by multinationals to "shift" profits from higher-tax jurisdictions to lower-tax jurisdictions or no-tax locations where there is little or no economic a ...
(BEPS).
In a report the
European Council
The European Council (informally EUCO) is a collegiate body that defines the overall political direction and priorities of the European Union. It is composed of the heads of state or government of the EU member states, the President of the E ...
lists the Isle of Man together with the other two
Crown Dependencies (
Guernsey
Guernsey (; Guernésiais: ''Guernési''; french: Guernesey) is an island in the English Channel off the coast of Normandy that is part of the Bailiwick of Guernsey, a British Crown Dependency.
It is the second largest of the Channel Islands ...
and
Jersey
Jersey ( , ; nrf, Jèrri, label=Jèrriais ), officially the Bailiwick of Jersey (french: Bailliage de Jersey, links=no; Jèrriais: ), is an island country and self-governing Crown Dependencies, Crown Dependency near the coast of north-west F ...
) as well as Bermuda, the Cayman Islands and Vanuatu, as committed to addressing the Council's concerns of "Existence of tax regimes that facilitate offshore structures which attract profits without real economic activity" by 2018.
Sectors
The Isle of Man's
Department for Enterprise manages the diversified economy in twelve key sectors. The largest individual sectors by GNI are insurance and
eGaming with 17% of GNI each, followed by
ICT and banking with 9% each. The 2016 census lists 41,636 total employed. The largest sectors by employment are "medical and health", "financial and business services", construction, retail and public administration. Manufacturing, focused on aerospace and the food and drink industry, employs almost 2000 workers and contributes about 5% of GDP. The sector provides laser optics, industrial diamonds, electronics, plastics and aerospace precision engineering.
Finance sector
Insurance, banking (includes
retail banking
Retail banking, also known as consumer banking or personal banking, is the provision of services by a bank to the general public, rather than to companies, corporations or other banks, which are often described as wholesale banking. Banking servi ...
,
offshore banking
An offshore bank is a bank regulated under international banking license (often called offshore license), which usually prohibits the bank from establishing any business activities in the jurisdiction of establishment. Due to less regulation and ...
and other banking services), other finance and business services, and corporate service providers together contribute the most to the GNI
and most of the jobs, with 10,057 people employed in 2016.
eGaming & ICT
Among the largest employers of the Island's private sector are eGaming (
online gambling
Online gambling is any kind of gambling conducted on the internet. This includes virtual poker, casinos and sports betting. The first online gambling venue opened to the general public was ticketing for the Liechtenstein International Lottery in ...
) companies like
The Stars Group
The Stars Group Inc. (formerly known as Amaya Inc., Amaya Gaming Group Inc. and Rational Group) was a Canadian gaming and online gambling company headquartered in Toronto, Ontario, Canada. Its shares were traded on Nasdaq and the Toronto Stock Ex ...
,
Microgaming
Microgaming is a privately held gambling software company based in the Isle of Man. The company first developed online casino software in 1994.
Overview
In May 2009, Microgaming's progressive slot Mega Moolah paid out $6,374,434, the largest ...
, Newfield, and
Playtech
Playtech plc is a gambling software development company founded in 1999. The company provides software for online casinos, online poker rooms, online bingo games, online sports betting, scratch games, mobile gaming, live dealer games and fixed-o ...
. The Manx eGaming Association MEGA is representing the sector. Licenses are issued by the Gambling Supervision Commission.
In 2005
PokerStars
PokerStars is an online poker cardroom that was a part of The Stars Group until it was sold to Flutter Entertainment on May 5, 2020. It can be accessed through downloadable poker clients for the Windows, macOS, Android and iOS. It is the large ...
, one of the world's largest
online poker
Online poker is the game of poker played over the Internet. It has been partly responsible for a huge increase in the number of poker players worldwide. Christiansen Capital Advisors stated online poker revenues grew from $82.7 million in 2001 t ...
sites, relocated its headquarters to the Isle of Man from
Costa Rica
Costa Rica (, ; ; literally "Rich Coast"), officially the Republic of Costa Rica ( es, República de Costa Rica), is a country in the Central American region of North America, bordered by Nicaragua to the north, the Caribbean Sea to the no ...
. In 2006,
RNG Gaming a large gaming software developer of P2P tournaments and
Get21
Get or GET may refer to:
* Get (animal), the offspring of an animal
* Get (divorce document), in Jewish religious law
* GET (HTTP), a type of HTTP request
* "Get" (song), by the Groggers
* Georgia Time, used in the Republic of Georgia
* Get AS, a ...
, a multiplayer online blackjack site, based their corporate offices on the island.
The Isle of Man Government Lottery operated from 1986 to 1997. Since 2 December 1999 the island has participated in the
United Kingdom National Lottery. The island is the only jurisdiction outside the United Kingdom where it is possible to play the UK National Lottery. Since 2010 it has also been possible for projects in the Isle of Man to receive national lottery
Good Causes Funding. The good causes funding is distributed by the Manx Lottery Trust.
Tynwald
Tynwald ( gv, Tinvaal), or more formally, the High Court of Tynwald ( gv, Ard-whaiyl Tinvaal) or Tynwald Court, is the legislature of the Isle of Man. It consists of two chambers, known as the branches of Tynwald: the directly elected House of ...
receives the 12p lottery duty for tickets sold in the Island.
The shortage of workers with ICT skills is tackled by several initiatives, like an IT and education campus, a new cyber security degree at the University College of Man, a Code Club, and a work permit waiver for skilled immigrants.
Filmmaking and digital media
Since 1995 Isle of Man Film has co-financed and co-produced over 100 feature film and television dramas which have all filmed on the Island.
Among the most successful productions funded in part by
Isle of Man Film
Isle of Man Film is a regional screen agency, part of Isle of Man Government’s Department of Economic Development. They drive inward investment in relation to film and the creative industries. Since 1995 Isle of Man Film has built a worldwide ...
agency were ''
Waking Ned
''Waking Ned'' (titled ''Waking Ned Devine'' in North America) is a 1998 comedy film written and directed by Kirk Jones and starring Ian Bannen, David Kelly, and Fionnula Flanagan. Kelly was nominated for a Screen Actors Guild Award for his r ...
'', where the Manx countryside stood in for rural
Ireland
Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic Ocean, in Northwestern Europe, north-western Europe. It is separated from Great Britain to its east by the North Channel (Grea ...
, and films like ''
Stormbreaker
''Stormbreaker'' is a young adult fiction, young adult action-adventure book written by British author Anthony Horowitz, and is the first novel in the Alex Rider, ''Alex Rider'' series. The book was released in the United Kingdom on the 4th of ...
'', ''
Shergar
Shergar (3 March 1978 – ) was an Irish-bred, British-trained Thoroughbred racehorse. After a very successful season in 1981 he was retired to the Ballymany Stud in County Kildare, Ireland. In 1983 he was stolen from the stud, and a ransom of ...
'', ''
Tom Brown's Schooldays
''Tom Brown's School Days'' (sometimes written ''Tom Brown's Schooldays'', also published under the titles ''Tom Brown at Rugby'', ''School Days at Rugby'', and ''Tom Brown's School Days at Rugby'') is an 1857 novel by Thomas Hughes. The stor ...
'', ''
I Capture the Castle
''I Capture the Castle'' is the first novel of List of English writers (R–Z), English author Dodie Smith, written during the Second World War when she and her husband Alec Beesley, an English conscientious objector, moved to California. She ...
'', ''
The Libertine'', ''
Island at War
''Island at War'' is a British television series that tells the story of the German occupation of the Channel Islands. It primarily focuses on three local families: the upper class Dorrs, the middle class Mahys, and the working class Jonases, a ...
'' (TV series), ''
Five Children and It
''Five Children and It'' is a children's novel by English author E. Nesbit. It was originally published in 1902 in the '' Strand Magazine'' under the general title ''The Psammead, or the Gifts'', with a segment appearing each month from April ...
'', ''
Colour Me Kubrick
''Colour Me Kubrick: A True...ish Story'' (released in the U.S. as ''Color Me Kubrick'') is a 2005 comedy-drama film directed by Brian W. Cook and released in 2005. The film draws its inspiration from actual events. Starring John Malkovich as ...
'', ''
Sparkle
Sparkle may refer to:
* Sparkle (catamaran), a catamaran designed by Angus Primrose
* Sparkle (drink), a lemon-flavored soft drink
* Sparkle, a brand of paper towels owned by Georgia-Pacific
* Dick Tracy#Plenty family, Sparkle Plenty, a character ...
'', and others. Other films that have been filmed on the Isle of Man include ''
Thomas and the Magic Railroad
''Thomas and the Magic Railroad'' is a 2000 children's fantasy adventure film written and directed by Britt Allcroft and produced by Allcroft and Phil Fehrle. It is the only theatrical live-action/animated ''Thomas & Friends'' film in the franc ...
'', ''
Harry Potter and the Chamber of Secrets
''Harry Potter and the Chamber of Secrets'' is a fantasy novel written by British author J. K. Rowling and the second novel in the ''Harry Potter'' series. The plot follows Harry Potter (character), Harry's second year at Hogwarts School of W ...
'', ''
Keeping Mum
''Keeping Mum'' is a 2005 British black comedy film co written and directed by Niall Johnson and starring Rowan Atkinson, Kristin Scott Thomas, Maggie Smith and Patrick Swayze. It was produced by Isle of Man Film, Azure Films and Tusk Production ...
and
Mindhorn
''Mindhorn'' is a 2016 British independent comedy film directed by Sean Foley, written by Julian Barratt and Simon Farnaby, and executive produced by Steve Coogan and Ridley Scott. It stars Barratt, Farnaby, Essie Davis, Russell Tovey and Andrea ...
.''
2011 Isle of Man Film Oxford Economics was commissioned by Isle of Man Film Ltd to conduct a study into the economic impact of the film industry on the Isle of. Man. The recommendation of this report for Isle of Man Film was to partner with a more established film institution in the UK to source more Isle of Man film production opportunities. This led to the investment of the Isle of Man Government to take shares in
Pinewood Shepperton Plc which were sold later with profit.
Once one of the busiest areas of film production in the British Isles, the Isle of Man hopes to use its strong foundation in film to grow its television and new digital media industry.
In a recent
Isle of Man Department of Economic Development strategic review, the Island's over 2,000 jobs counting digital sector features 'digital media' and the
creative industries, and embraces partnerships with the industry and its individual sector bodies like the
Isle of Media, a new media cluster.
Motorsports
Hosting of motorsports events, like the
Isle of Man Car Rally and the more-prominent
TT motorcycle races, contributes to the tourism economy.
Tourism
Tourism in the Isle of Man
The tourism industry of the Isle of Man has been an important element in the economy for over a century.
History
In the early days visitors were mostly richer British families. Key for the development of the sector in the Victorian Era was the i ...
developed from advances in transport to the island. In 1819 the first steamship ''Robert Bruce'' came to the island, only seven years after the first
steam vessel in the
UK. In the 1820s, tourism was growing due to improved transport. The island government's own report for the financial years 2014/15-2015/16 shows tourist accommodation to be in the lowest sector at 0.3%, ranking slightly above 'mining and quarrying' (0.1%).
Infrastructure
Electricity
Since 1999, the Isle of Man has received
electricity
Electricity is the set of physical phenomena associated with the presence and motion of matter that has a property of electric charge. Electricity is related to magnetism, both being part of the phenomenon of electromagnetism, as described ...
through the world's second longest submarine AC cable, the 90
kV Isle of Man to England Interconnector
The Isle of Man to England Interconnector is a submarine power cable connecting the transmission system of the Manx Electricity Authority to that of Great Britain. With an undersea section of approximately , it is the second longest AC undersea ...
, as well as from a natural gas power station in
Douglas
Douglas may refer to:
People
* Douglas (given name)
* Douglas (surname)
Animals
*Douglas (parrot), macaw that starred as the parrot ''Rosalinda'' in Pippi Longstocking
*Douglas the camel, a camel in the Confederate Army in the American Civil W ...
, an oil power station in
Peel and a small hydro-electric power station in
Sulby Glen.
Gas
Gas for lighting and heating has been supplied to users on the Isle of Man since 1836, firstly as
town gas
Coal gas is a flammable gaseous fuel made from coal and supplied to the user via a piped distribution system. It is produced when coal is heated strongly in the absence of air. Town gas is a more general term referring to manufactured gaseous ...
, then as
liquid petroleum gas
Liquefied petroleum gas (LPG or LP gas) is a fuel gas which contains a flammable mixture of hydrocarbon gases, specifically propane, propylene, butylene, isobutane and n-butane.
LPG is used as a fuel gas in heating appliances, cooking ...
(LPG); since 2003
natural gas
Natural gas (also called fossil gas or simply gas) is a naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane in addition to various smaller amounts of other higher alkanes. Low levels of trace gases like carbo ...
has been available. The future use of hydrogen as a supplementary or substitute fuel is being studied.
Broadband
The Island is connected with five
submarine cable Submarine cable is any electrical cable that is laid on the seabed, although the term is often extended to encompass cables laid on the bottom of large freshwater bodies of water.
Examples include:
*Submarine communications cable
*Submarine power ...
s to the UK and Ireland.
While the Isle of Man Communications Commission refers to
Akamai’s recent State of the Internet Report for Q1 2017, with "the Island ranked 8th in the world for percentage of broadband connections with >4 Mb/s connectivity, with 96% of users connecting at speeds greater than 4Mb/s", an "international league table of broadband speeds puts the Isle of Man at 50th in the world".
Manx Telecom
, logo =
, caption =
, type = Subsidiary
, location_city = Braddan
, location_country = Isle of Man
, area_served = Worldwide
, key_people = Gary Lamb Kevin Walsh
, industry = Tel ...
recently announced to roll out
Fibre-to-the-Home (FTTH) superfast broadband with download speeds of up to 1Gigabit per second.
Travel links
Ronaldsway Airport
Ronaldsway () is a place in the parish of Malew in the south of the Isle of Man, between the village of Ballasalla and the town of Castletown.
Features
It is notable as the location of Isle of Man Airport and historically of RNAS Ronaldsway, to ...
links the Isle of Man with six airlines to eleven UK and Irish scheduled flight destinations.
The Steam Packet Company provides ferry services to Liverpool, Heysham, Belfast and Dublin.
Statistics
Labour force—by occupation:
agriculture
Agriculture or farming is the practice of cultivating plants and livestock. Agriculture was the key development in the rise of sedentary human civilization, whereby farming of domesticated species created food surpluses that enabled people to ...
,
forestry
Forestry is the science and craft of creating, managing, planting, using, conserving and repairing forests, woodlands, and associated resources for human and environmental benefits. Forestry is practiced in plantations and natural stands. Th ...
and
fishing
Fishing is the activity of trying to catch fish. Fish are often caught as wildlife from the natural environment, but may also be caught from stocked bodies of water such as ponds, canals, park wetlands and reservoirs. Fishing techniques inclu ...
3%,
manufacturing
Manufacturing is the creation or production of goods with the help of equipment, labor, machines, tools, and chemical or biological processing or formulation. It is the essence of secondary sector of the economy. The term may refer to a r ...
11%,
construction
Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and com ...
10%,
transport
Transport (in British English), or transportation (in American English), is the intentional movement of humans, animals, and goods from one location to another. Modes of transport include air, land (rail and road), water, cable, pipeline, an ...
and
communication
Communication (from la, communicare, meaning "to share" or "to be in relation with") is usually defined as the transmission of information. The term may also refer to the message communicated through such transmissions or the field of inquir ...
8%, wholesale and retail
distribution Distribution may refer to:
Mathematics
*Distribution (mathematics), generalized functions used to formulate solutions of partial differential equations
* Probability distribution, the probability of a particular value or value range of a vari ...
11%, professional and
scientific
Science is a systematic endeavor that builds and organizes knowledge in the form of testable explanations and predictions about the universe.
Science may be as old as the human species, and some of the earliest archeological evidence for ...
services 18%,
public administration
Public Administration (a form of governance) or Public Policy and Administration (an academic discipline) is the implementation of public policy, administration of government establishment (public governance), management of non-profit establ ...
6%,
banking
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
and
finance
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...
18%,
tourism
Tourism is travel for pleasure or business; also the theory and practice of touring (disambiguation), touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tour (disambiguation), tours. Th ...
2%,
entertainment
Entertainment is a form of activity that holds the attention and interest of an audience or gives pleasure and delight. It can be an idea or a task, but is more likely to be one of the activities or events that have developed over thousa ...
and
catering
Catering is the business of providing food service at a remote site or a site such as a hotel, hospital, pub, aircraft, cruise ship, park, festival, filming location or film studio.
History of catering
The earliest account of major services be ...
3%, miscellaneous services 10%
Unemployment
Unemployment, according to the OECD (Organisation for Economic Co-operation and Development), is people above a specified age (usually 15) not being in paid employment or self-employment but currently available for Work (human activity), w ...
rate:
nominally 5.0% (July 2020)
Isle of Man Labour Market Report
July 2020, retrieved 8 September 2020
Industries:
financial services, light manufacturing, tourism
Agriculture—products:
cereal
A cereal is any Poaceae, grass cultivated for the edible components of its grain (botanically, a type of fruit called a caryopsis), composed of the endosperm, Cereal germ, germ, and bran. Cereal Grain, grain crops are grown in greater quantit ...
s, vegetable
Vegetables are parts of plants that are consumed by humans or other animals as food. The original meaning is still commonly used and is applied to plants collectively to refer to all edible plant matter, including the flowers, fruits, stems, ...
s, cattle
Cattle (''Bos taurus'') are large, domesticated, cloven-hooved, herbivores. They are a prominent modern member of the subfamily Bovinae and the most widespread species of the genus ''Bos''. Adult females are referred to as cows and adult mal ...
, sheep
Sheep or domestic sheep (''Ovis aries'') are domesticated, ruminant mammals typically kept as livestock. Although the term ''sheep'' can apply to other species in the genus ''Ovis'', in everyday usage it almost always refers to domesticated s ...
, pig
The pig (''Sus domesticus''), often called swine, hog, or domestic pig when distinguishing from other members of the genus '' Sus'', is an omnivorous, domesticated, even-toed, hoofed mammal. It is variously considered a subspecies of ''Sus s ...
s, poultry
Poultry () are domesticated birds kept by humans for their eggs, their meat or their feathers. These birds are most typically members of the superorder Galloanserae (fowl), especially the order Galliformes (which includes chickens, quails, a ...
Exports:
$NA
Exports—commodities:
tweed
Tweed is a rough, woollen fabric, of a soft, open, flexible texture, resembling cheviot or homespun, but more closely woven. It is usually woven with a plain weave, twill or herringbone structure. Colour effects in the yarn may be obtained ...
s, herring
Herring are forage fish, mostly belonging to the family of Clupeidae.
Herring often move in large schools around fishing banks and near the coast, found particularly in shallow, temperate waters of the North Pacific and North Atlantic Oceans, i ...
, processed shellfish
Shellfish is a colloquial and fisheries term for exoskeleton-bearing aquatic invertebrates used as food, including various species of molluscs, crustaceans, and echinoderms. Although most kinds of shellfish are harvested from saltwater envir ...
, beef
Beef is the culinary name for meat from cattle (''Bos taurus'').
In prehistoric times, humankind hunted aurochs and later domesticated them. Since that time, numerous breeds of cattle have been bred specifically for the quality or quantity ...
, lamb
Lamb or The Lamb may refer to:
* A young sheep
* Lamb and mutton, the meat of sheep
Arts and media Film, television, and theatre
* ''The Lamb'' (1915 film), a silent film starring Douglas Fairbanks Sr. in his screen debut
* ''The Lamb'' (1918 ...
Exports—partners:
UK
Imports:
$NA
Imports—commodities:
timber
Lumber is wood that has been processed into dimensional lumber, including beams and planks or boards, a stage in the process of wood production. Lumber is mainly used for construction framing, as well as finishing (floors, wall panels, wi ...
, fertilizer
A fertilizer (American English) or fertiliser (British English; see spelling differences) is any material of natural or synthetic origin that is applied to soil or to plant tissues to supply plant nutrients. Fertilizers may be distinct from ...
s, fish
Fish are aquatic, craniate, gill-bearing animals that lack limbs with digits. Included in this definition are the living hagfish, lampreys, and cartilaginous and bony fish as well as various extinct related groups. Approximately 95% of li ...
Imports—partners:
UK
Debt—external:
$NA
Economic aid—recipient:
$NA
Currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
:
1 Isle of Man pound
The pound (; abbreviation: IMP; sign: £) is the currency of the Isle of Man, at parity with sterling. The Manx pound is divided into 100 pence. Notes and coins, denominated in pounds and pence, are issued by the Isle of Man Government.
Par ...
= 100 pence
Exchange rates:
the Manx pound is at par with the British pound
Fiscal year:
1 April – 31 March
See also
*Economy of Europe
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the ...
Notes
References
* {{cite book , last=Birch , first=Jack William , year=1964 , title=Isle of Man , url=https://archive.org/details/isleofmanstudyin0000birc , url-access=registration , series=Publications of the University of Bristol , publisher=Cambridge University Press , ref=Bir64
Isle of Man
)
, anthem = "O Land of Our Birth"
, image = Isle of Man by Sentinel-2.jpg
, image_map = Europe-Isle_of_Man.svg
, mapsize =
, map_alt = Location of the Isle of Man in Europe
, map_caption = Location of the Isle of Man (green)
in Europe ...