The Isle of Man Government’s economic diversity, proactive policy-making and substantial reserves are all noted in the latest Credit Opinion Update report on its financial standing from the international ratings agency Moody’s.
The report provides updated analysis of the Island’s economic and fiscal position and sees the Island’s credit rating and outlook remain at Aa3 stable, the same as the United Kingdom.
Moody’s forecasts that the Island’s Gross Domestic Product (GDP) growth will remain robust, recording 2.5% in 2025 and stabilising to 3% in the medium term. The Island’s real GDP growth has averaged an estimated 1% per year between 2014 and 2024.
The report notes that, in 2020, the coronavirus pandemic pushed the Island into a rare economic contraction, although it posted a robust recovery in 2021. Following a contraction in 2022, the economy has quickly rebounded.
Treasury Minister Dr Alex Allinson MHK (pictured) said: “Maintaining an Aa3 stable credit rating from Moody’s is a strong endorsement of the Isle of Man’s sound financial management and resilience. This approach reflects our commitment to the Island’s economy through prudent fiscal policies and economic diversification, while safeguarding reserves and Government finances.
“The positive growth outlook underlines the strength of our economy and reflects confidence in the Island’s long-term stability from a highly-respected and independent international agency.”
