The economy of the Isle of Man is continuing to hold up well in the face of challenging global conditions, according to the latest quarterly economic report to the Council of Ministers.

The report, covering the second quarter of 2009 up to the end of June, comments, "Taking account of the seismic deterioration in the external economic environment over the last year, the Isle of Man economy is performing stoically and at this stage there is confidence that 2009/10 will be another year of growth."

There are positive developments in a range of sectors including e-gaming, shipping, tourism, aircraft registration, and manufacturing.

Construction, however, continues to report low demand and is heavily reliant on Government capital projects, while the retail sector is still experiencing difficult trading conditions.

Treasury Minister Allan Bell MHK commented, "The strength and diversity of the Island’s economy, built up over a quarter of a century of growth, has provided some protection from the global storm.

"But there is no doubt that the Isle of Man has felt the consequences of international turbulence, and will continue to do so."