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National Income 2006-07 19 September 2008

The latest national income figures produced by the Treasury’s Economic Affairs Division, relating to 2006/07, reveal there to be have been real growth virtually throughout the economy. The value of goods and services produced (or gross domestic product) in the Isle of Man economy over the year rose to over £1.8bn, an increase of 11.2% over the previous year. This equates to real growth, that is, when the impact of price inflation is stripped out, of 7.7%. In the previous year, real growth had been 5.9%.

The Island’s per capita national income as a result is now 18% higher than in the United Kingdom, compared to a 13% differential in 2005/06, and 24% higher than in the fifteen countries that until 2004 constituted the European Union.

Key points in the report demonstrate not just the overall strength of the economy, but also the diversity of the sources of growth:

• continued expansion of the manufacturing sector (by over 3% in real terms);

• over 10% real growth in the non-banking finance sector;

• the rapid expansion (over 20% in real terms) of the Information and Communication Technology (including e-business) sector;

• increased income throughout the professional and company services sectors;

• a good year for the visitor accommodation sector, buoyed by advance takings for the Centenary TT.

Treasury Minister Alan Bell welcomed the figures as confirmation that the economy had been strengthening over the last few years. But he warned that it would be unrealistic to expect such a rate of growth to continue:

“The Isle of Man has an international economy, deriving its income through the exporting of its goods and services throughout the world. So any uncertainty in the global economy, will inevitably affect us.

“The task we face is to minimise the negative. We will need to push our offer even further and stronger, and seek to sustain our own economic development by retaining everything we have and do that is proven, but by being innovative elsewhere. And, as ever, we will do this with the ongoing help of business and the wider community.

“In this period of difficulty we should be conscious of the global situation but remain assured in our ability to grow.”

For further information, please contact Stephen Carse, Economic Adviser . e-mail economics@gov.im

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