The Treasury has released the Island’s national income accounts for the year 2010/11.  The accounts measure the size and growth of the Manx economy and its individual sectors.

The accounts show that 2010/11 was the twenty eighth successive year of growth for the Island’s economy.  Key results from the report include:

• total GDP of £3½ bn
• growth in GDP of 8.3%, or 3.4% in real terms (compared to 2.1% over 2009/10)
• growth in GNI of 6.7%, or 1.8% in real terms
• almost 19% increase in the size of the ICT sector
• another very strong year for e-gaming, albeit the sector providing a lesser contribution to GDP 
• a steadying in the banking sector and a sizeable improvement in the insurance sector meaning the finance industry accounts for 35% of national income
• a virtually unchanged position in engineering, but with some contraction in real terms elsewhere in manufacturing
• in the domestic economy, declining fortunes for construction but a better year for retailing and the utilities.

It should be emphasised that the accounts contained within this report relate to the year 2010/2011 and do not necessarily reflect the current position of the Island’s economy, although all economic indicators would point to the economy having expanded again in 2011/12, although by a smaller amount.