Revisions undertaken to historic national income data to allow for improved coverage have provided the following gross national and gross domestic product estimates for the years 2001/02 to 2010/11.
Gross Domestic Product
Gross National Product
|Old Methodology||Original Estimate||Latest Estimate||Original Estimate||Latest Estimate|
|New Methodology||Original Estimate||Revised Estimate||Original Estimate||Revised Estimate|
Gross National Income (GNI) (£000s) was calculated for the first time in the 2008/09 National Income accounts
The Treasury has released the Island’s national income accounts for the year 2010/11. The accounts measure the size and growth of the Manx economy and its individual sectors.
The accounts show that 2010/11 was the twenty eighth successive year of growth for the Island’s economy. Key results from the report include:
- total GDP of £3.5 bn
- growth in GDP of 8.3%, or 3.4% in real terms ( compared to 2.1% over 2009/10)
- growth in GNI of 6.7%, or 1.8% in real terms
- almost 19% increase in the size of the ICT sector
- another very strong year for e-gaming, albeit the sector providing a lesser contribution to GDP
- a steadying in the banking sector and a sizeable improvement in the insurance sector meaning the finance industry accounts for 35% of national income
- a virtually unchanged position in engineering, but woth some contraction in real terms elsewhere in manufacturing
- in the domestic economy, declining fortunes for construction but a better year for retailing and the utilities.
It should be emphasised that the accounts contained within this report relate to the year 2010/2011 and do not necessarily reflect the current position of the Island’s economy, although all economic indicators would point to the economy having expanded again in 2011/12, although by a smaller amount.