Chief Minister Allan Bell MHK has hailed the Island’s ‘remarkable national achievement’ following confirmation of its 30th consecutive year of economic growth and GDP reaching £4 billion for the first time.
The latest national income accounts published today (Friday October 3, 2014) show that GDP increased by 3.2% in real terms in 2012/13 with particularly strong performances in e-gaming and ICT.
Economic evidence indicates that expansion has continued since 2012/13 and that the Isle of Man is now its fourth decade of unbroken growth.
The Government’s latest quarterly economic report, also published today, observes that the economy improved during the second quarter of this year (April to June), which saw employment rise and unemployment fall.
Overall employment in the financial and professional services sector increased during the quarter. The small number of anticipated job losses in banking was offset by employment growth amongst corporate service providers, insurers and professional financial services.
Welcoming the latest figures the Chief Minister commented:
‘Reaching a fourth decade of unbroken economic growth is a remarkable national achievement for the Isle of Man and one that confirms the Island’s place amongst the most successful small economies in the world.
‘This rare track record is the result of a number of factors, including our strategy of diversification, business-friendly environment and close working partnership between the private and public sectors. And we have achieved all this while pursuing a policy of positive engagement on the international front.
‘Above all, though, the Island’s economic success story is a tribute to the enterprise, professionalism and sheer hard work of the people in the business community who have made it happen.’
Mr Bell went on to sound a note of caution, however:
‘A healthy economy is essential to sustain employment opportunities and support living standards. But we cannot look to growth to solve the problem of the huge increase in demand that threatens to swamp our public services over the next 20 years. Economic success should not be used as an excuse by those who are unwilling to face up to that challenge.’
The National Income Report 2012/13 can be found on the Government website at:
/media/1345869/isle-of-man-national-income-accounts-2012-13.pdf
The latest quarterly economic report to the Council of Ministers is at:
http://www.gov.im/media/1345870/quarterly-economic-report-april-june-2014.pdf
