According to the 1998/1999 National Income Accounts published yesterday by the Isle of Man Treasury, the island's economy is growing at its fastest rate since 1986/87. The year saw a real (that is to say discounting inflation) economic growth rate of 13.5 per cent - up from 8.5 per cent the previous year and higher than that of the UK, Ireland and other European countries.
This was the fifth successive year of accelerating expansion in the Island's gross domestic product (GDP), bringing total GDP to £836.3 million. GDP per head rose to 93 per cent of the UK equivalent, the highest ever level and up from 88 per cent in 1997/98.
The 12 months from April 1998 to April 1999, which followed the publication of the Edwards Report and the emergence of international tax initiatives, saw growth of 21 per cent in the financial services sector, increasing its share of total GDP from 39 per cent to 42 per cent.
The Isle of Man's National Income Accounts show real growth across the economy in sectors including tourism, agriculture and fisheries, construction, retail and wholesale distribution and professional and scientific services.
The 13.5% expansion of the Isle of Man economy in 1998/99 has resulted in a 38 per cent reduction in unemployment, with 206 fewer people on the list of unemployed, the creation of more than 1,000 new jobs and a 13 per cent or £35m increase in tax revenue received by government to £300.5m, to help finance a £25.4m increase in government spending
Treasury Minister Richard Corkill welcomed the latest national income statistics but said the island must build upon the these figures. He said: 'The figures show the continuing buoyancy of the Manx economy and prove the underlying strength of business confidence in the Island. Although growth is continuing, we cannot afford to grow complacent and we must strive to consolidate our competitive edge in an increasingly challenging global market. A key factor in this will be our proposed new taxation strategy, designed to encourage high value enterprise through a tax system that is internationally co-operative but keenly competitive.'
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