The Island’s economy bounced back strongly from the coronavirus pandemic, according to figures released in Isle of Man National Income 2021-22.
Compiled by Statistics Isle of Man, which is part of the Cabinet Office, the report points to a significant rise in Gross Domestic Product of 10.3% for the financial year April 2021 to March 2022.
Indications of an effective recovery are reinforced when looking at figures contained within the report that relate to specific economic sectors — more than half exhibited real-terms growth, in particular eGaming, Construction, Transport and Communications, and Other Professional Services.
The report notes that Insurance continues to be the largest sector of the Island’s economy, accounting for 18.2% of the economy, with eGaming representing 15.7%. The remaining top five sectors of the economy were Other Professional Services (9.2%), Other Financial and Business Services (8.4%), and Construction (6.1%).
Gross National Product, which is largely focussed on income derived from overseas investments, fell by 2.6%, or 8.7% in real terms in 2021-22. This is attributed to income reported by a small number of companies with a limited presence in the Isle of Man.
Treasury Minister Dr Alex Allinson MHK said: “While the data contained within the report covers 2021-22, it succeeds in illustrating the resilience of the Isle of Man economy in the wake of the pandemic and its ability to withstand such a significant and sudden challenge.
“The rise in Gross Domestic Product is a particularly useful indicator with regard to how the economy is faring, and the report complements much of the data published on an ongoing basis on the Isle of Man Government’s Economic Dashboard.”
Picture Credit: Visit Isle of Man
