Isle of Man Hails 30 Years Of Economic Growth
by Jason Gorringe, Lowtax.net, London
08 October, 2014
The Isle of Man's economy has grown for a 30th consecutive year, reaching an output of GBP4bn (USD6.44bn) for the first time – a milestone achieved after the island's diverse economy proved resilient amid the global financial crisis.
New figures for the year 2012/13 show that the economy grew by 3.2 percent of gross domestic product (GDP) in real terms, up from 2.1 percent in the previous fiscal year.
The growth was strongest in the e-gaming sector (up 49.9 percent) and the information technology sector (up 28.7 percent). The Isle of Man's GDP-per-head increased and continues to be more than double the UK's (at 217 percent, up from 206 percent).
The Government's latest quarterly economic report, also published this week, shows continued economic growth during the second quarter of this year (April to June) and a fall in unemployment.
Welcoming the latest figures the island's Chief Minister, Allan Bell, said: "Reaching a fourth decade of unbroken economic growth is a remarkable national achievement for the Isle of Man and one that confirms the island's place amongst the most successful small economies in the world."
The Isle of Man's diverse economy, with niche sectors such as aircraft and ship registration, has been credited as a key factor in the economic resilience the island has displayed since the financial crisis. Other territories, with a similarly low tax base, which are heavily dependent on financial services and tourism, such as international financial centers in the Caribbean, typically fared less well during and after the crisis.
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