Gross domestic product (GDP) and gross national income (GNI) are the main measures of economic activity. The national income accounts show the size of the Isle of Man economy, the contribution of each sector and the economy’s performance over time.
The National Accounts for 2013/14 mark the first time in which the 2010 European System of Accounts (ESA10) has been used. Between 2007/08 and 2013, the 1995 European System of Accounts was used, and prior to this an earlier accounting standard.
There are 3 methods of calculating GDP – output, expenditure and income. The Island uses the income method and this approach includes capturing data on:
- Salaries of employees
- Income from self-employment
- Company profits
- Profits from Government corporations
- Rental incomes
The Cabinet Office has released the Island's national income accounts for the year 2014/15. The accounts measure the size and growth of the Manx economy and its individual sectors. The accounts show that 2014/15 was the thirty second successive year of growth for the Island's economy.
Key Results from the report include:
• Total GDP reaches £4.51bn
• Growth in GDP of 4.5%, or 5.0% in real terms (compared to 4.5% in 2013/14)
• Growth in GNP of 0.9%, or 1.4% in real terms (compared to 5.1% in 2013/14)
• Growth in e-Gaming and Insurance were the main drivers of growth during the year, growing by 22% and 7% respectively in real terms.
• e-Gaming remains the largest economic sector on the Isle of Man, with a 19.5% share of Manx-Sourced Income, followed by Insurance at 14.9%.
• A reduction in losses incurred by companies from the Tourist Accommodation sector has allowed it to strongly bounce back, with growth of 80% compared to 2013/14.
It should be emphasised that the accounts contained within this report relate to the year 2014/2015 and do not necessarily reflect the current position of the Island's economy.
|Old Methodology||Gross Domestic Product(GDP) (£000s)||Gross National Product(GNP) (£000s)|
|Original Estimate||Latest Estimate||Original Estimate||Latest Estimate|
|ESA95 Methodology||Gross Domestic Product (GDP) (£000s)||Gross National Product (GNP) (£000s)|
|Original Estimate||Revised Estimate||ESA10 Adjusted**||Original Estimate||Revised Estimate||ESA10 Adjusted**|
|ESA10 Methodology(Current)||Gross Domestic Product (GDP) (£000s)||Gross National Product (GNP) (£000s)|
|Original Estimate||Revised Estimate||Original Estimate||Revised Estimate|
* 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.