Business Environment

Home About the Isle of Man 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, e-gaming, film, finance, light industry, tourism) is encouraged.


Economic Statistics


The Island’s estimated Gross Domestic Product (for the year ended 5 April 2013) was £4,016,644,000, a 3.2% rise in real terms from the previous year. The proportions contributed by the various sectors of the economy in the year to 5 April 2013 were as follows:
 

Sector Percentage
Manufacturing 4
Finance 35
Tourist Industry 1
Construction 4
Agriculture and Fisheries 1
Professional and Scientific Services 9
Retail and Wholesale 5
Information and Communication Technology 13
E-gaming 13
Other Services 15

 

At January 2015 annual inflation as measured by the retail prices index stood at 1.9%. Economic growth (in gross domestic product) is forecast to continue in the future.


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 the last 30 years and the finance sector has become increasingly important. Light manufacturing is encouraged and the e-gaming sector is seeing significant growth.