The latest Credit Opinion Update from international ratings agency Moody’s forecasts that the Isle of Man’s Gross Domestic Product (GDP) will grow by 3% in 2025 and a further 3% in 2026.
Published earlier this month, the report provides updated analysis of the Island’s economic and fiscal position and saw the Island’s credit rating and outlook remain at Aa3 stable, the same as the United Kingdom.
The Island’s real GDP growth has averaged an estimated 1.9% between 2013 and 2023. In 2020, the coronavirus pandemic pushed the economy into a rare economic contraction, although a robust recovery was recorded in 2021 and economic activity withstood the energy price and inflation shocks over 2022 and 2023.
Treasury Minister Dr Alex Allinson MHK said: “Our Island Plan and the Economic Strategy as approved by Tynwald are delivering real opportunities for individuals and businesses across our Island.
“2025 will see the launch of a Local Economy Strategy which will support and incentivise those small local businesses which form the foundation of our high streets.
“Significant private investment will also become more apparent through the Infrastructure Investment Scheme and the Chief Minister will be starting the year announcing a major initiative to increase Government efficiency and productivity.”
