The GDP of the Isle of Man reached £4.32 billion in 2013/14 after real growth of 4.5% during the year, according to the latest national income report published today.
The report, from the Economic Affairs unit of the Cabinet Office, confirms that this was the 31st successive year of growth for the Island’s economy.
Key results include:
Growth in GDP of 6.1%, or 4.5% in real terms (compared to 3.2% in 2012/13).
Growth in GNP of 6.7%, or 5.1% in real terms (compared to 4.8% in 2012/13).
Information and Communication Technology and e-Gaming were the main drivers of growth during the year, growing by 58% and 30% respectively in real terms, with e-Gaming overtaking Insurance as the largest single economic sector.
Compared with 2012/13, the Construction sector made a strong recovery, with real growth of 17%.
Retail Distribution and Tourist Accommodation both contracted significantly, Tourist Accommodation being impacted by losses experienced during the year.
It is emphasised that the report relates only to the year 2013/14 and does not necessarily reflect the current position of the Island’s economy and its sectors.
National income accounts for the Isle of Man have been produced annually since 1969/70, providing a measure of the size and growth of the Manx economy. They highlight the changing importance of sectors within the economy and the emergence of new economic activity.
The main national accounting aggregates are Gross Domestic Product (GDP) and Gross National Product (GNP), now being referred to as Gross National Income (GNI).
GDP represents the monetary value of all goods and services produced within the Island’s economy over a one year period. It also provides a measure of both personal and corporate income derived from economic activity on the Island.
GNI also takes account of net income received from abroad in the form of interest, rents, profits and dividends and represents the total income of all Manx residents and companies.