Isle of Man Guide - INFORMATION, Economy, Factfile

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	FactFile Economy - overview: Offshore banking, manufacturing, and tourism are key sectors of the economy. The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island has paid off in expanding employment opportunities in high-income industries. As a result, agriculture and fishing, once the mainstays of the economy, have declined in their shares of GDP. Banking and other services now contribute 42% to GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets. GDP: purchasing power parity - $2.113 billion (2003 est.) GDP - real growth rate: 13.5% (1999 est.) GDP - per capita: purchasing power parity - $28,500 (2003 est.) GDP - composition by sector: agriculture: 1% industry: 13% services: 86% (2000 est.) Household income or consumption by percentage share: lowest 10%: NA% highest 10%: NA% Inflation rate (consumer prices): 3.6% (March 2003 est.) Labour force: 39,690 (2001) Labour force - by occupation: agriculture, forestry and fishing 3% manufacturing 11% construction 10% transport and communication 8% wholesale and retail distribution 11% professional and scientific services 18% public administration 6% banking and finance 18% tourism 2% entertainment and catering 3% miscellaneous services 10% Unemployment rate: 0.6% (August 2004) Budget: revenues: $485 million expenditures: $463 million, including capital expenditures of $NA (FY00/01 est.) Industries: financial services, light manufacturing, tourism Industrial production growth rate: 3.2% (FY96/97) Agriculture - products: cereals, vegetables; cattle, sheep, pigs, poultry Exports - commodities: tweeds, herring, processed shellfish, beef, lamb Exports - partners: UK Imports - commodities: timber, fertilisers, fish Imports - partners: UK Currency: British pound (GBP); note - there is also a Manx pound Currency code: GBP Exchange rates: Manx pounds per US dollar - 0.54 (2005) 0.5462 (2004) 0.6125 (2003) 0.6672 (2002) 0.6947 (2001) 0.6596 (2000) 0.6180 (1999) 0.6037 (1998) 0.6106 (1997) 0.6403 (1996) the Manx pound is at par with the British pound Fiscal year: 1 April - 31 March