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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 £1.6bn, an increase of 9.2% over the previous year. This equates to real growth, that is, when the impact of price inflation is stripped out, of 5.9%.

The Island’s per capita national income as a result is now 13% higher than in the United Kingdom, compared to a 9% differential in 2004/05, and over 25% higher than in the fifteen countries that until 2004 constituted the European Union.

The accounts reveal 2005/06 to have seen growth virtually throughout the economy, but it was a particularly successful year for the finance, transport and communication and the legal and accountancy services sector.

For further information, please contact

Stephen Carse,
Economic Adviser,
Economic Affairs Division,
Illiam Dhone House,
2 Circular Road,
Douglas, Isle of Man,
IM1 1PQ,
Tel 01624 685741
Fax 01624 685747

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