Covid-19 Coronavirus

National Income

Key results from the report include:

  • Total GDP decreased from £5.53bn to £5.01bn

  • Decrease in GDP of 8.2%, or 8.0% in real terms (compared to a real term increase of 0.1% in 2019/20)

  • Decrease in GNP of 6.5%, or 6.3% in real terms (compared to an increase 0.5% in 2019/20)

  • ICT, eGaming, and Banking were the most significant factors in this decrease, decreasing in size by £135m, £369m, and £124m respectively.

  • Just over half the sectors in the economy (14) have experienced growth, although this has typically been quite modest, whilst the remaining 10 sectors have seen contractions.

  • Insurance continues to be the largest sector of the Island's economy, accounting for 22.4% of the economy, with eGaming contributing 11.2% to the economy. The remaining three of the five largest sectors of the economy were Other Finance and Business Services (9.3%), Other Professional Services (7.2%), and Information and Communication Technology (6.8%)

  • Accounting for 59% of the Island's economy, company income continues to be the main driver of the Island's economy, falling somewhat from 64% in 2019/20. Personal incomes represent 31% of the Island's economy, and have grown 0.2% in real terms since 2019/2020.

The accounts contained within this report relate to the year 2020/21 and do not necessarily reflect the current position of the Isle of Man's economy.

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