The Island’s economy is heading for a healthy real growth rate of between three and four per cent in the current financial year, according to the Government’s latest quarterly economic report.
The report, produced for the Council of Ministers by the Treasury’s Economic Affairs Division, covers the three months up to the end of June this year. It provides positive updates and outlooks for various sectors including manufacturing, e-business, shipping, aircraft registration, clean tech and tourism.
‘The local economy remains stable and on course for meeting expectations of real growth of 3-4% in 2013/14’, it states.
Welcoming the report, Chief Minister Allan Bell MHK commented: ‘The continuing growth of the Isle of Man economy is the result of a number of factors, including our policy of diversification, the partnership approach between Government and the private sector, and our competitive, reputable business environment. It is a testament to the professionalism and quality of service that the Island offers to customers around the world.’
Mr Bell concluded: ‘Economic growth is of course still essential to generate job opportunities, incomes and a decent standard of living for the people of the Isle of Man. But we cannot sit back and hope that growth will eventually rebalance the budget for us - which is why we must continue to focus on containing and prioritising public spending to make the best use of the limited resources available.’
Download the report here>>>