Global Business Centre
The Island’s independent spirit, enterprise and innovation have made it a successful centre for quality international business. Our diverse and thriving economy is currently enjoying its 31st consecutive year of growth.
The period since the mid-90s witnessed a particularly impressive economic performance with real growth averaging almost 10% p.a. between 1997 and 2002. Although there followed a minor slowdown, the economy was performing with a growth rate of around 8% p.a. prior to the onset of the global financial crisis and is currently averaging about 3 to 4%.
The key sectors in generating this performance have been financial services, eGaming and insurance. In recent years new economic activities have been developed, such as aircraft and ship registration, cryptocurrency, clean tech and bio tech.
An important element of the Island’s fiscal strength is the long established and self-imposed legislative requirement that Government must budget for a surplus in respect of its annual revenue spending. Whilst meeting this requirement Government has continued to invest in developing and updating the Island’s infrastructure for economic as well as social benefit.
The Island is a core asset for the City of London, serving to boost its competitive edge in a way unmatched by other international business centres, due to the Island's close relationship with the UK. Legitimate business can be done in the Isle of Man, founded upon its high standards of regulation, its extensive professional services offering, and nimble government.