National Income report illustrates impact of pandemic on Island’s economy

Thursday, 1 December 2022

The impact of the Covid-19 pandemic on the Isle of Man economy is revealed in the National Income 2020/21 report.

Produced by Statistics Isle of Man, the document shows a fall in Gross Domestic Product of 8.2%, or 8% when taking into account inflation. This compares with an 11% drop in the United Kingdom and 10% in Jersey.

The annual report aims to measure the size of the Manx economy and chart its growth, as well as monitor the relative sizes of the contribution to the economy made by various business sectors.

Key points include:

  • Total Gross Domestic Product decreased from £5.53bn to £5.08bn
  • Gross National Income and Gross National Product both fell by 6.5% in nominal terms, or 6.3% and 6.4% respectively in real terms. This compares with a real-terms rise of 0.5% in 2019/2020
  • Personal incomes remained largely static, changing by 0.2% compared with 2019/2020
  • A total of 10 sectors exhibited contractions while 14 experienced growth, although this tended to be modest for the majority of sectors
  • Insurance continues to be the largest sector of the Island’s economy, accounting for 22.4%, with eGaming contributes the second largest share at 11.2%

The report can be found at the Statistics Isle of Man section of the Isle of Man Government Website.

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