Revisions to Historic Data
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 2009/10.
Gross Domestic Product (GDP) (£000s) | Gross National Product (GNP) (£000s) | |||
|---|---|---|---|---|
| Original Estimate | Revised Estimate | Original Estimate | Revised Estimate | |
| 2001/02 | 1,128,036 | 1,159,235 | 1,178,728 | 1,209,926 |
| 2002/03 | 1,229,412 | 1,261,677 | 1,277,798 | 1,310,063 |
| 2003/04 | 1,341,847 | 1,379,730 | 1,395,777 | 1,433,659 |
| 2004/05 | 1,495,796 | 1,530,565 | 1,559,063 | 1,593,817 |
| 2005/06 | 1,634,137 | 1,667,820 | 1,700,935 | 1,733,885 |
| 2006/07 | 1,817,638 | 1,860,211 | 1,887,216 | 1,944,910 |
| 2007/08 | 2,030,256 | 2,232,157 | 2,110,488 | 2,183,723 |
| 2008/09 | 2,377,587 | 2,294,225 | ||
| 2009/10 | 2,455,856 | 2,375,910 | ||
| New Methodology | ||||
| Original Estimate | Revised Estimate | Original Estimate | Revised Estimate | |
| 2008/09 | 3,170,143 | 3,225,061 | 3,418,253 | 3,443,172 |
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 2009/10. The accounts measure the size and growth of the Manx economy and its individual sectors.
The accounts show that 2009/10 was the twenty seventh successive year of growth for the Island’s economy. The key results from the report are:
- total GDP of £3¼bn
- growth in GDP of 2.2%, or 2.1% in real terms
- growth in GNI of 0.1%, although in real terms no growth
- real growth of over 40% in the E-gaming sector
- almost 15% increase in the size of the ICT sector
- banking sector contracted by approximately a quarter, a consequence of the global financial crisis
- finance sector accounted for 34% of national income, with insurance its biggest single contributor (13%)
- real growth above the national average in general manufacturing, food and drink production, mining and quarrying, corporate services and wholesaling
- some contraction in engineering, retail and insurance
- manufacturing sector accounted for 5% of national income.
Although the accounts contained within this report relate to the year 2009/2010 and do not necessarily reflect the current position of the Island’s economy, most economic indicators would point to the economy having expanded further since.
Note to Editors The delay in production of the national income accounts arises because they are derived principally from income tax assessments data, which are not fully complete until a year or more after the reference year. Original estimate - 3,414,806
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