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.
2009 Scallop Season to Get Underway 30 October 2009 The annual scallop fishing season within the Irish Sea is due to get underway this weekend with the catching season running from the 1st November 2009 to 31st May 2010. [More]
