7.4 per cent increase in GDPThe Isle of Man Government's National Income Report has indicated a 7.4% increase in Gross Domestic Product for the 2016/17 financial year.
The Isle of Man Government has published its National Income Report, which shows that GDP has increased by 7.4 per cent in real terms during 2016/17 financial year, this is after a small reduction of 0.9 per cent during 2015/16.
Out of the 24 sectors covered in the report, 16 showed areas of growth with the information and technology sector being a significant driver.
Other areas that demonstrated significant growth were e-gaming, and finance and businesses services.
In addition, the report shows that total personal income increased by 4.4 per cent in real terms.
The report follows the business confidence survey, published last month, that highlighted all sectors of the Isle of Man economy were confident about their growth prospects.
Chief Minister, Howard Quayle MHK, said:
'This report shows that there has been a real increase in personal income for our population. This demonstrates the confidence and commitment that business have in the Isle of Man.
'The report shows growth across our economy including construction and manufacturing and this along with the results of the business confidence survey shows that our economy is getting stronger and more diverse. However, we are not complacent and know that we have a lot of work to do over the next few years to ensure that this growth is sustainable.'
Minister for Enterprise, Laurence Skelly MHK, commented:
‘It is really encouraging to see corporate profits growing across all many of our sectors, as well as a real increase in personal income for our local population. The Department for Enterprise is committed to the continued diversification of industry in the Isle of Man and the latest statistics demonstrate further diversification.
'If we look at our new agency split, the figures show our Finance sectors remained strong and in addition we saw further growth across each of our Digital, Business and Visit sectors, illustrating a more balanced economy and a positive outlook for our key sectors.’
The full results of the report are available to view here.