IoM Retains Credit Rating With Strong Economy
by Jason Gorringe, Lowtax.net, London
10 September, 2015
Credit rating agency Moody's has confirmed the Isle of Man's Aa1 rating, noting the Isle of Man is seeing "stronger and less volatile growth than that of other offshore centers," with its diverse economy and high growth sectors, such as ICT.
Moody's commented: "The Isle of Man's Aa1 sovereign rating and stable outlook reflect the island's resilient economy and the government's robust finances."
Welcoming the report, the Isle of Man's Treasury Minister, Eddie Teare, said: "The Isle of Man is an international financial center which can be relied upon by its investors to provide a stable, pro-business environment in which they can flourish and by other countries as a responsible and reliable partner. Whilst the report's conclusions demonstrate the Isle of Man's continued and sustained economic success, we must remain vigilant in maintaining sustainable public finances."
Government figures published recently showed that the island has entered its 31st year of continuous economic growth, with a 6.1 percent increase in GDP during the 2013/2014 tax year.
Information and Communication Technology and e-Gaming were the main drivers of growth during the year, growing by 58 percent and 30 percent, respectively, in real terms, with e-Gaming overtaking insurance as the largest single economic sector.
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