The Treasury has released the Island’s national income accounts for the year 2011/12. The accounts measure the size and growth of the Manx economy and its individual sectors.
The accounts show that 2011/12 was the twenty ninth successive year of growth for the Island’s economy. Key results from the report include:
• total Gross Domestic Product (GDP, basically the sum of salaries and company profits) of ?3.8bn
• growth in GDP of 7.9%, or 2% in real terms ie after inflation is removed (compared to 3.4% over 2010/11)
• growth in national income once net flows of profits, investment and other income on and off the Island are accounted for (known as Gross National Income, GNI) of 8.5%, or 2.5% in real terms
• real GDP from engineering up 10.9%
• a very strong year for e-gaming, with real growth of 16.6%
• insurance retained its position as the largest economic sector as measured by GDP, contributing 15.2% of IOM national income
• a year of growth (of over 10% in real terms) in the engineering sector
• in the domestic economy, continued declining fortunes for construction (down 5% in real terms) and retailing (down nearly 20%).
It should be emphasised that the accounts contained within this report relate to the year 2011/2012 and not the current performance of the Island’s economy.
