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1994-05-02
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<text>
<title>
Isle of Man (UK): Economy
</title>
<article><hdr>The World Factbook 1993: Man, Isle of
Economy</hdr><body>
<p>Overview: Offshore banking, manufacturing, and tourism are key
sectors of the economy. The government's policy of offering
incentives to high-technology companies and financial institutions to
locate on the island has paid off in expanding employment
opportunities in high-income industries. As a result, agriculture and
fishing, once the mainstays of the economy, have declined in their
shares of GNP. Banking now contributes over 20% to GNP and
manufacturing about 15%. Trade is mostly with the UK. The Isle of Man
enjoys free access to European Community markets.
</p>
<p>National product: GNP - exchange rate conversion - $490 million
(1988)
</p>
<p>National product real growth rate: NA%
</p>
<p>National product per capita: $7,500 (1988)
</p>
<p>Inflation rate (consumer prices): 7% (1992 est.)
</p>
<p>Unemployment rate: 1% (1992 est.)
</p>
<p>Budget: revenues $130.4 million; expenditures $114.4 million,
including capital expenditures of $18.1 million (FY85 est.)
</p>
<list>
<l>Exports: $NA</l>
<l> commodities: tweeds, herring, processed shellfish, meat</l>
<l> partners: UK</l>
<l>Imports: $NA</l>
<l> commodities: timber, fertilizers, fish</l>
<l> partners: UK</l>
</list>
<p>External debt: $NA
</p>
<p>Industrial production: growth rate NA%
</p>
<p>Electricity: 61,000 kW capacity; 190 million kWh produced, 2,965
kWh per capita (1992)
</p>
<p>Industries: an important offshore financial center; financial
services, light manufacturing, tourism
</p>
<p>Agriculture: cereals and vegetables; cattle, sheep, pigs, poultry
</p>
<p>Economic aid: NA
</p>
<p>Currency: 1 Manx pound (#M)=100 pence
</p>
<p>Exchange rates: Manx pounds (#M) per US$1 - 0.6527 (January 1993),
0.5664 (1992), 0.5652 (1991), 0.5603 (1990), 0.6099 (1989), 0.5614
(1988); the Manx pound is at par with the British pound
</p>
<p>Fiscal year: 1 April-31 March
</p></body></article></text>