Isle of Man confirms 30th Consecutive Year of Economic Growth
The Isle of Man’s Chief Minister Allan Bell MHK has hailed the Island’s ‘remarkable national achievement’ following confirmation of its 30th consecutive year of economic growth and GDP reaching £4 billion for the first time.
The latest national income accounts published on October 3rd 2014 show that GDP increased by 3.2% in real terms in 2012/13, with particularly strong performances in e-gaming and information and communications technology (ICT).
Economic evidence indicates that expansion has continued since 2012/13 and that the Isle of Man is now in its fourth decade of unbroken growth.
The Government’s latest quarterly economic report reveals that the economy improved during the second quarter of 2014 (April to June), which saw employment rise and unemployment fall.
Overall employment in the financial and professional services sector increased during the quarter. The small number of anticipated job losses in banking was offset by employment growth amongst corporate service providers, insurers and professional financial services.
Welcoming the latest figures the Chief Minister said: “Reaching a fourth decade of unbroken economic growth is a remarkable national achievement for the Isle of Man and one that confirms the Island’s place amongst the most successful small economies in the world.
“This rare track record is the result of a number of factors, including our strategy of diversification, business-friendly environment and close working partnership between the private and public sectors. And we have achieved all this while pursuing a policy of positive engagement on the international front.
‘Above all, though, the Island’s economic success story is a tribute to the enterprise, professionalism and sheer hard work of the people in the business community who have made it happen,” he added.
Commenting on the Island’s impressive economic performance a lead Cavendish Trust Director said: “Given the global economic turmoil which we have experienced in recent years, it is extremely encouraging to see that the Isle of Man has been able to weather the storm and been able to achieve sustained growth.
“It demonstrates the Island’s long term ability to attract vibrant businesses in areas such as space commerce, e-Gaming and ICT. As an internationally focussed, multi-jurisdictional trust and corporate service provider, we will continue to provide every possible assistance to new enterprises and to help build upon the Isle of Man’s deserved reputation as a successful, business-friendly economy.”
The National Income Report 2012/13 can be found on the Government website at:
http://www.gov.im/media/1345869/isle-of-man-national-income-accounts-2012-13.pdf
The latest quarterly economic report to the Council of Ministers is at:
http://www.gov.im/media/1345870/quarterly-economic-report-april-june-2014.pdf
