National income figures released by the Isle of Man Treasury on Monday revealed that the Island’s economy recorded economic growth of 5.3% in 2001/2002 despite the uncertain business climate and the downturn of the global economy.
However, according to the statistics, the source of this growth did not come from the jurisdiction’s traditional engine of financial services, which was forced to consolidate in the aftermath of September 11, but from the manufacturing sector, which grew by 26% last year.
Commenting on the statistics, Treasury Minister Alan Bell observed: “To post such significant growth in what was a very difficult year on account of extraneous events shows the resilience and solidity of the Island’s economic base. The performance of the manufacturing sector in increasing its output by over one-quarter by value is particularly pleasing and serves to answer concerns that the Isle of Man cannot sustain its diversified economic base.”
“However nothing can be guaranteed in the competitive world in which the Isle of Man seeks to secure its economic future” warned Mr Bell, adding, “it is incumbent upon Government and Island companies to continue to improve efficiency, determine new initiatives, and generally seek to maximise market opportunities.”
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