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 2010/11.
Gross Domestic Product (GDP) (£000s) | Gross National Product (GNP) (£000s) | |||
|---|---|---|---|---|
| Old Methodology | Original Estimate | Latest Estimate | Original Estimate | Latest 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 | 2,490,119 | 2,410,173 | ||
| New Methodology | Original Estimate | Revised Estimate | Original Estimate | Revised Estimate |
| 2008/09 | 3,170,143 | 3,225,061 | 3,418,253 | 3,443,172 |
| 2009/10 | 3,240,253 | 3,420,136 | ||
| 2010/11 | 3,507,901 | 3,646,978 | ||
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.
| Downloadable Documents | |||
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