Isle of Man Guide - INFORMATION, Economy

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The Isle of Man's economy started out with Celtic settlers. These simple people made small farms with basic livestock and fished in nearby streams and rivers. As time moved on farming skills improved and soon the harbours could be seen filled with small fishing boats. The fishing trade expanded into exports of herring and even took in a little smuggling. Agriculture grew into a business, seeing cows and sheep massively out numbering the people.

Times changed and the island saw an end to smuggling. Fishing too lost some of its boom. The Isle of Man had to change its direction. Move into new lines to push the economy forward. Tourism was the next big thing and it proved very good for the island. Railways were made, towns grew to support the ever increasing numbers of tourists and shipping became a new driving force for the island.

Modern times saw cars taking tourists to the continent and cheap flights to far away foreign destinations. The Isle of Man began to lose some of its shine as a beach holiday location. To keep the economy from ruin, changed had to be made. Changes to tax rates and laws for businesses pushed the Isle of Man into a new economy. One of international proportions, which developed into a finance centre.

Today the island finds its economy mainly based around financial services. Agriculture and fishing still prove a valued asset, as do other smaller industries. The Isle of Man strives to look ahead and plan its future to include the best of modern technology.

In 2001, the Isle of Man reached a higher GDP per capita then the United Kingdom. This was a great boost to the island's image. Years of reduced taxation, low unemployment (less then 1%), and high cash reserves had paid off. The island was making its way into the books of successful economies. Added to its success were e-commerce ventures. One of which secured many world leaders in online gaming. The island also saw itself competing in the race for 3G (third generation telephones) against world leaders like Japan. It now has the second 3G network in the world. The Isle of Man economy has evolved from its humble beginnings and has yet to reach its full potential.

Related News Articles

2008-09 Isle of Man Budget at a Glance 21 February 2008
A £6 million increase, to a new total of £10 million, for the Marketing Initiatives Fund to boost Government’s promotion of the Island’s economy, plus £8 million more over two years for the E-Commerce Fund. [More]

The Gambling Appeals Tribunal 2 October 2007
The Appointments Commission* is seeking applications for appointment to the panel of the Gambling Appeals Tribunal (‘the Tribunal’). [More]

New Director of Isle of Man Finance Appointed 14 September 2007
Isle of Man Finance today announces the appointment of John Spellman as Director and Head of Isle of Man Finance (IOMF). [More]

Economy Grows for the Twenty-third Consecutive Year 13 September 2007
The latest national income figures produced by the Treasury’s Economic Affairs Division, relating to 2005/06, reveal that the value of goods and services produced (or gross domestic product) in the Isle of Man economy rose to over £1. [More]

Enterprise Bill 2007 - Consultation Document 17 August 2007
SummaryThe principal objective of the Enterprise Bill is to enable the Department of Trade and Industry (DTI) to support, where desired, a wider range of both types of business and types of financial support than that offered at present. [More]

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