Total GDP increased to £4.88bn from £4.45bn.
- Increase in GDP of 9.8%, or 7.4% in real terms (compared to an increase of -0.9% in 2015/16).
- Increase in GNP of 1.1%, but a decline in real terms of -1.1% (compared to -3.4% in 2015/16).
- e-Gaming and Other Finance and Business Services were the main reasons for the significant growth that was experienced during the year, as a result of a significant increase in corporate profits. Information and Communication Technology was also a significant driver of growth during the year, again driven by a significant increase in corporate profits.
- The economy has generally performed well during 2016/17, with 16 of the 24 sectors within the economy growing in real terms during the year.
- The growth in eGaming during the year has meant that it is become the largest sector within the economy during 2016/17, with a sector share of 18.4%, followed by Insurance (16.2%), Other Financial and Business Services (10.9%) and ICT (10.0%).
- Total personal income increased by 4.4% during the year in real terms.
It should be emphasised that the accounts contained within this report relate to the year 2016/17 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.