The Cabinet Office has released the Island's national income accounts for the year 2015/16. The accounts measure the size and growth of the Manx economy and its individual sectors.
Key Results from the report include:
- Total GDP declined to £4.45bn
- Decline in GDP of -1.5%, or -0.9% in real terms (compared to 5.0% in 2013/14)
- Decline in GNP of -0.4%, or -3.4% in real terms (compared to 1.4% in 2013/14)
- e-Gaming and Transport and Communication were the main reasons for the decline during the year, reducing in size by -12.6% and -29.6% respectively in real terms
- Insurance is now the joint largest sector on the Isle of Man, slightly larger than the previous main sector, e-Gaming, which shrunk to 17.2% from 19.5%. Insurance increased to 17.5% from 14.9%
- The Banking and Insurance sectors were the best performing for the year increasing 11.2% and 16.0% from 2014/15
- Personal Income (i.e. wages, salaries and income from self-employment) increased, in real terms, for the third year in a row, by 1.9%
It should be emphasised that the accounts contained within this report relate to the year 2015/16 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.