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National Income Report indicates 1.9% growth in GDP

Monday, 22 November 2021

The Isle of Man’s economy grew by 1.9% in 2019/20 compared to the previous year.

The figure is published in the annual Isle of Man National Income 2019/20 report, produced by the Economic Affairs division of the Cabinet Office.

In addition to providing a measure of the size and growth of the Manx economy, the document highlights the changing importance of sectors within the economy and the emergence of new economic activity.

The 2019/20 report shows that there was an increase in growth for the Island’s economy by 1.9% compared to 2018/19, or 0.1% after taking into account inflation. Other key results from the report include:

  • Total Gross Domestic Product increased from £5.43bn to £5.53bn
  • Increase in Gross National Product (as well as Gross National Income) 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.
  • Just over half the sectors in the economy (12) experienced growth, whilst the remaining 11 sectors saw 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%

The report can be found at the Economic Affairs section of the Isle of Man Government website.

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