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Economy and Banking Sector of the Isle of Man

National Currency

Manx Pound (IMP)

The Isle of Man issues its own currency, the Manx pound (IMP) which is pegged at parity to the Pound sterling (GBP): 1 IMP = 1 GBP. However, the Manx pound can not be spent outside of the Isle of Man. The Pound sterling is also used on the island.

Pegged Rate

1 IMP = 1 GBP

Main Sectors

Main sectors of the economy of the Isle of Man are:

  • offshore banking
  • manufacturing
  • tourism

GDP

Nominal GDP (2014)
4.3 bln GBP  (+0.06%)
Real GDP Growth (2014)
4.5 %  (2013: 2.9 %)

According to The Government of the Isle of Man, nominal GDP of Isle of Man in 2014 was 4.3 bln GBP.

Isle of Man outperforms the European Union in terms of real GDP growth with the average annual differential coming to 1.4% over the past 2 years (2012 - 2014). In 2014 real GDP growth was 4.5% which was above the Euro Area average (0.9%) and above the European Union average (1.3%).

Real GDP Growth in Isle of Man.

Chart 1. Real GDP Growth in Isle of Man. Source: The Government of the Isle of Man.

Inflation Rate

CPI, Year Average (2015)
-1.6 %  (2014: 0.2 %)

According to The Government of the Isle of Man, inflation rate in Isle of Man in 2015 expressed as annual percentages of average consumer prices was -1.6% which was below the Euro Area average (0.0%) and below the European Union average (0.0%).

Inflation Rate in Isle of Man.

Chart 2. Inflation Rate in Isle of Man. Source: The Government of the Isle of Man.

Unemployment Rate

Unemployment Rate (2015)
1.9 %  (2014: 2.0 %)

According to The Government of the Isle of Man, unemployment rate in Isle of Man in 2015 was 1.9% which was below the Euro Area average (10.9%) and below the European Union average (9.4%).

Unemployment Rate in Isle of Man.

Chart 3. Unemployment Rate in Isle of Man. Source: The Government of the Isle of Man.

Credit Ratings (as of May 2018)

Fitch
-
Moody's
Aa2 (high grade), outlook stable

The Isle of Man has a sovereign credit rating assigned by Moody's: the rating is Aa2 (high grade), outlook stable.