IOM's GDP Powers Ahead For 18th Successive Year

Tax-News.com, London

01 October 2002

Figures just released by the Isle of Man Government show that the island's economy, boosted by growth in information and communications technology, increased its gross domestic product by 8.78% (5.3% after discounting inflation) in the year to March 2001. The Isle of Man's GDP growth compares favourably with the UK (2.8%); Europe (3.0%) and the US (2.9%) for the same period.

Also enjoying buoyant conditions on the Island were construction, tourism, banking and professional services.

Treasury Minister Allan Bell said:

"This is the Isle of Man's eighteenth successive year of economic growth. We remain one of the fastest growing of all European economies.

"A decade ago, our income per head was less than three quarters of that of the UK - now we have overtaken them and our income per head is four per cent greater than that of the UK.

"I am particularly encouraged by the broad spread of the Island's economy - though increasing our diversification remains a priority. Newer industries such as e-commerce and film making are still in their infancy and I expect they will become major contributors to national income in the years ahead.

"Of course we cannot insulate ourselves entirely from the current difficulties in the world economy - but the breadth and depth of our Island's economy, as underlined by our AAA ratings from S&P and Moodys, together with our capacity for further growth on the back of our new tax strategy give us a position of strength and resilience in the face of any turbulence ahead".

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