Tuesday, August 20, 2019
You are here: Isle of Man > Isle of Man News
Isle of Man News
General News
Island economy ‘performing stoically’ 24 August 2009

THE economy of the Isle of Man is continuing to hold up well in the face of challenging global conditions, according to the latest quarterly economic report to the Council of Ministers.

The report, covering the second quarter of 2009 up to the end of June, comments:

‘Taking account of the seismic deterioration in the external economic environment over the last year, the Isle of Man economy is performing stoically and at this stage there is confidence that 2009/10 will be another year of growth.’

There are positive developments in a range of sectors including e-gaming, shipping, tourism, aircraft registration, and manufacturing. Construction, however, continues to report low demand and is heavily reliant on Government capital projects, while the retail sector is still experiencing difficult trading conditions.

Treasury Minister Allan Bell MHK commented:

‘The strength and diversity of the Island’s economy, built up over a quarter of a century of growth, has provided some protection from the global storm. But there is no doubt that the Isle of Man has felt the consequences of international turbulence, and will continue to do so.’

To view the report in full, please click on the following link: Q2 Quarterly Economic Report 2009

More stories >>>  

Related News Articles
Government acts to protect local economy and jobs 19 April 2013
GOVERNMENT is backing the financial restructuring of a prominent Island business group to help protect the local economy, Chief Minister Allan Bell MHK announced today (Friday April 19, 2013). [More]
DED outlines plans to develop and diversify the economy 28 February 2013
'Agenda for Change – Our Economy’ document publishedThe Department of Economic Development has outlined Government’s strategy to further develop and diversify the Isle of Man’s economy over the coming year. [More]
DCCL continues efforts to meet budget targets 19 February 2013
SummaryA total of 12 managerial and admin posts have been removed saving £350,000 a year. [More]
Budget lays ‘Firm Foundations’ for the future 19 February 2013
GOVERNMENT is on course to rebalance its finances while working to develop the Island’s economy and protect the vulnerable. [More]
DED focuses on job creation and income generation in 2013 19 February 2013
SummaryReal terms economic growth of 3% in 2012/13 and 4% forecast for 2013/14. [More]

Other Guides by Maxima Systems Ltd: Disney World