The GDP of the Isle of Man reached £4.51 billion in 2014/15 after real growth of 5.0% during the year, according to the latest national income report published today.
The report, from the Economic Affairs unit of the Cabinet Office, confirms that this was the 32nd successive year of growth for the Island’s economy.
Key results include:
- 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 at 19.5%, followed by Insurance on 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.
Chief Minister Allan Bell welcomed the report but added a note of caution. He said:
‘The headline figures are reassuring, showing growth returning to pre 2008/09 levels and confirming the overall strength of the Island’s economy. However, it is clear that some sectors are not doing so well and the reality of a two-speed economy has to be recognised.’
It should be emphasised that the accounts contained within this report relate to the year 2014/15 and do not necessarily reflect the current position of the Island’s economy.
The report is available online.
National income accounts for the Isle of Man have been produced annually since 1969/70, providing a measure of the size and growth of the Manx economy. They highlight the changing importance of sectors within the economy and the emergence of new economic activity.
The main national accounting aggregates are Gross Domestic Product (GDP) and Gross
National Product (GNP), now being referred to as Gross National Income (GNI).
GDP represents the monetary value of all goods and services produced within the Island’s
economy over a one year period. It also provides a measure of both personal and corporate income derived from economic activity on the Island.
GNI also takes account of net income received from abroad in the form of interest, rents, profits and dividends and represents the total income of all Manx residents and companies.