The Isle of Man has enjoyed its 26th year of continuous growth at a current rate of 2.5% p.a. in real terms. Having avoided the repercussions of the 2007 financial crash, the Isle of Man has one of the fastest growing economies in Europe, with specific growth areas in e-commerce, the space and satellite sector, the film industry and international shipping. It has the 13th highest GDP per capita on the globe ahead of the USA, Hong Kong, Canada and Australia.
According to the government website, this is the breakdown of current economic sectors:
- Financial Services: 37% of GDP
- Professional Services 21%
- Manufacturing 7%
- Construction 6%
- Tourism 5%
- Farming/Fishing 1%
The Isle of Man prides itself on offering a diverse and varied economy and is currently looking at more economic opportunities such as clean tech and crypto-currencies.
In 1991, the government bought the seabed in its territorial waters from the Crown Estate for £800,000 and is now looking at leasing this to wind power companies. The development has the potential to rake in an additional £5 million a year.
Crypto-currencies, such as Bitcoin, also offer the island lucrative benefits. Whilst countries such as Bolivia and Bangladesh have made these currencies illegal, the Isle of Man recently held a conference called Crypto Valley with the aim of attracting startups to the island. The country has a good track record with its economic investments, capitalising on the online gambling industry nearly a decade ago and attracting large companies such as Pokerstars and Annexio ltd thanks to an attractive tax regime, supportive government and excellent telecoms infrastructure.