National Income
Key Results
- Total GDP increased from £5.43bn to £5.53bn.
- Increase in GDP of 1.9%, or 0.1% in real terms (compared to a real term increase of 3.2% in 2018/19).
- Increase in GNP of 2.3%, or 0.5% in real terms (compared to 7.8% in 2018/19).
- ICT and Other Professional Services were the most significant drivers of economic growth in 2019/20, increasing in size by £97.4m and £34.2m respectively.
- 12 sectors in the economy have experienced growth, whilst remaining 11 sectors have seen contractions.
- Insurance continues to be the largest sector of the Island’s economy, accounting for 19.3% of the economy, with eGaming contributing 17.1% to the economy. The remaining top five sectors of the economy were Other Finance and Business Services (8.9%), Information and Communication Technology (8.7%) and Banking (6.9%).
- Accounting for 64% of the Island’s economy, company income continues to be the main driver of the Island’s economy and has remained the same as a proportion of the economy compared to 2018/19. Personal incomes continue to represent 29% of the Island’s economy, and grow in real terms compared with 2018/19.
| Old Methodology | Gross Domestic Product(GDP) (£000s) | Gross National Product(GNP) (£000s) | ||
|---|---|---|---|---|
| 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 | 2,370,020 | |
| 2009/10* | 2,490,119 | 2,642,569 | 2,410,173 | 2,460,622 |
| ESA95 Methodology | Gross Domestic Product (GDP) (£000s) | Gross National Product (GNP) (£000s) | ||||
|---|---|---|---|---|---|---|
| Original Estimate | Revised Estimate | ESA10 Adjusted** | Original Estimate | Revised Estimate | ESA10 Adjusted** | |
| 2008/09 | 3,170,143 | 3,225,061 | 3,418,253 | 3,443,172 | ||
| 2009/10* | 3,240,253 | 3,442,477 | 3,522,159 | 3,420,136 | 3,394,879 | 3,474,561 |
| 2010/11* | 3,507,901 | 3,752,551 | 3,831,539 | 3,646,978 | 3,792,393 | 3,871,381 |
| 2011/12 | 3,786,074 | 3,833,328 | 3,955,272 | 4,002,526 | ||
| 2012/13 | 4,016,644 | 4,072,315 | 4,259,023 | 4,314,694 | ||
| ESA10 Methodology(Current) | Gross Domestic Product (GDP) (£000s) | Gross National Product (GNP) (£000s) | ||
|---|---|---|---|---|
| Original Estimate | Revised Estimate | Original Estimate | Revised Estimate | |
| 2009/10 | 3,522,159 | 3,474,561 | ||
| 2010/11* | 3,586,889 | 3,831,539 | 3,725,966 | 3,871,381 |
| 2011/12 | 3,833,328 | 4,097,902 | 4,002,526 | 4,176,651 |
| 2012/13 | 4,072,315 | 4,314,694 | ||
| 2013/14 | 4,320,745 | 4,604,944 | ||
| 2014/15 | 4,514,166 | 4,646,528 | ||
| 2015/16 | 4,445,637 | 4,459,805 | ||
| 2016/17 | 4,882,500 | 4,508,232 | ||
| 2017/18 | 5,260,704 | 4,930,918 | ||
| 2018/19 | 5,428,986 | 5,315,303 | ||
* As the Isle of Man uses the income method for calculating GDP and GNP, which largely relies upon Income Tax data, data coverage will continually improve the further away from the reference year that revisions are undertaken. In the 2009-10 revision, there were some significant companies that have been captured by the improved data coverage, and therefore has resulted in the upward revision of GDP. The 2009/10 revision was published on 7 November 2014 and the 2010/11 revision was published on 17 December 2015.
** Where no revised estimate is available, ESA10 revisions have been applied to the original estimate. Where a revised estimate is available, the revisions have been applied to this figure.
