Editing Economy of the Isle of Man

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[[File:BritishIslesMan.png|thumb|upright=1.2|Location of the Isle of Man within the [[British Isles]]]]
The '''economy of the [[Isle of Man]]''' is a low-tax economy with [[insurance]], [[online gambling]] operators and developers, [[information and communications technology]] (ICT), and [[offshore bank]]ing forming key sectors of the island's [[economics|economy]].

As an [[offshore financial centre]] located in the [[Irish Sea]], the [[Isle of Man]] is within the British Isles but does not form part of the United Kingdom and was never a part of the [[European Union]].

As of 2016, the [[Crown dependencies|Crown dependency]]'s [[gross national income]] (GNI) per capita was US$89,970 as assessed by the [[World Bank]].<ref>{{Cite web|url=http://databank.worldbank.org/data/download/GNIPC.pdf|title=World Bank 2016: Gross national income by capita|access-date=3 December 2017|archive-date=12 September 2014|archive-url=https://web.archive.org/web/20140912071238/http://databank.worldbank.org/data/download/GNIpc.pdf|url-status=live}}</ref> The [[Isle of Man Government]]'s own National Income Report shows the largest sectors of the economy are insurance and [[Online gambling|eGaming]] with 17% of GNI each, followed by [[Information and communications technology|ICT]] and banking with 9% each, with tourist accommodation in the lowest sector at 0.3%.<ref name=":1">{{Cite web|url=https://www.gov.im/media/1359185/national-income-2015-16-report-final.pdf|title=Isle of Man: National Income Report|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204062715/https://www.gov.im/media/1359185/national-income-2015-16-report-final.pdf|url-status=live}}</ref>

== Economic performance ==
After 32 years of continued [[Gross domestic product|Gross Domestic Product]] (GDP) growth, the financial year 2015/16 showed the first drop in GDP, of 0.9%, triggered by decline in eGaming revenues.<ref>{{Cite web|url=https://www.bbc.co.uk/news/world-europe-isle-of-man-41944297|title=BBC: Isle of Man GDP|access-date=5 December 2017|archive-date=12 December 2017|archive-url=https://web.archive.org/web/20171212181314/http://www.bbc.co.uk/news/world-europe-isle-of-man-41944297|url-status=live}}</ref>

The unemployment rate is around 5%.

Property prices are flat or declining, but recent figures also show an increase in resident income tax payers.<ref>{{Cite web|url=http://www.three.fm/news/isle-of-man-business/taxpayer-numbers-on-the-up/|title=Three.fm: taxpayer numbers up|access-date=5 December 2017|archive-date=6 December 2017|archive-url=https://web.archive.org/web/20171206140004/http://www.three.fm/news/isle-of-man-business/taxpayer-numbers-on-the-up/|url-status=live}}</ref>

The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island has expanded employment opportunities in high-income industries. [[Agriculture]], [[fishing]], and the hospitality industry, once the mainstays of the economy, now make declining contributions to the island's GNP. The hospitality sector contributed just of 0.3% of GNP in 2015/16,<ref name=":1" /> and 629 jobs in 2016.<ref name=":2">{{Cite web|title=Isle of Man in numbers 2017|url=https://www.gov.im/media/1350838/2017-03-30-isle-of-man-in-numbers-2017-report-online-version.pdf|access-date=5 December 2017|archive-date=6 December 2017|archive-url=https://web.archive.org/web/20171206135832/https://www.gov.im/media/1350838/2017-03-30-isle-of-man-in-numbers-2017-report-online-version.pdf|url-status=live}}</ref> eGaming and ICT contribute the great bulk of GNP.<ref name=":1" /> The stability of the island's government and its openness for business make the Isle of Man an attractive alternative jurisdiction (DAW Index ranked 3).

== Economic strategy ==
In the Vision2020<ref>{{Cite web|url=http://www.whereyoucan.com/vision2020|title=Isle of Man Government: Vision2020|access-date=3 December 2017|archive-date=10 June 2017|archive-url=https://web.archive.org/web/20170610200728/http://www.whereyoucan.com/vision2020|url-status=dead}}</ref> the Isle of Man government lays out the national strategy of economic growth, seeking an increase of the economically active population an promoting the Island as an <nowiki>'Enterprise Island, ''Tech Isle', 'Manufacturing centre of excellence', 'Offshore energy hub', 'Destination Island' and for 'Distinctive local food and drink'</nowiki>. The government has published its national economic strategies for several emerging sectors: aerospace,<ref>{{Cite web|url=http://aerospace.co.im/images/files/library/3%20year%20strategy%20-%20%20the%20isle%20of%20man%20aerospace%20cluster%20%202017%202020%20protected.pdf|title=Isle of Man aerospace cluster: 3 year strategy|access-date=3 December 2017}}{{Dead link|date=March 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> biomed,<ref>{{Cite web|url=http://www.manxbiomed.im/ibweb/res/pdf/pdf/Strategy%20Dave%20Taggart.pdf|title=Manx biomed strategy|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204171146/http://www.manxbiomed.im/ibweb/res/pdf/pdf/Strategy%20Dave%20Taggart.pdf|url-status=dead}}</ref> digital media,<ref>{{Cite web|url=http://isleofmedia.org/wp-content/uploads/2017/12/Isle-of-Media-National-Strategy.pdf|title=Isle of Man Digital Media Cluster: Strategic Directions|access-date=3 December 2017|archive-date=22 December 2017|archive-url=https://web.archive.org/web/20171222064658/http://isleofmedia.org/wp-content/uploads/2017/12/Isle-of-Media-National-Strategy.pdf|url-status=dead}}</ref> ICT.<ref>{{Cite web|url=http://docs.wixstatic.com/ugd/e7ee8c_6aab19b8d21d4d8f80517dfaef5004d8.pdf|title=MICTA Positioning Paper Isle of Man Government Digital Strategy|access-date=3 December 2017|archive-date=3 December 2017|archive-url=https://web.archive.org/web/20171203224538/http://docs.wixstatic.com/ugd/e7ee8c_6aab19b8d21d4d8f80517dfaef5004d8.pdf|url-status=live}}</ref>

== Taxation and trade ==

=== Tax rates ===
The Isle of Man is a low-tax economy with no [[capital gains tax]], [[wealth tax]], [[stamp duty]], or [[inheritance tax]]; and a top rate of [[income tax]] of 22%.<ref>{{Cite web|url=https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/|title=Isle of Man government: Rates and allowances|access-date=3 December 2017|archive-date=26 June 2018|archive-url=https://web.archive.org/web/20180626220519/https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/|url-status=live}}</ref> A tax cap is in force: the maximum amount of tax payable by an individual is £200,000; or £400,000 for couples if they choose to have their incomes jointly assessed. Personal income is assessed and taxed on a total worldwide income basis rather than on a [[remittance]] basis. This means that all income earned throughout the world is assessable for Manx tax, rather than only income earned in or brought into the Island.

The standard rate of [[Corporate tax|corporation tax]] for residents and non-residents is 0%; retail business profits above £500,000 and banking business income are taxed at 10%, and rental (or other) income from land and buildings situated on the Isle of Man is taxed at 22%.<ref>{{Cite web|url=https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/business-and-corporations/corporate-tax-rates/|title=Isle of Man Government: Corporate Tax Rates|access-date=3 December 2017|archive-date=29 November 2017|archive-url=https://web.archive.org/web/20171129171851/https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/business-and-corporations/corporate-tax-rates/|url-status=live}}</ref>

=== Trade ===
Trade is mostly with the [[United Kingdom]]. The Isle of Man has free access to [[European Union]] markets for goods, but only has restricted access for services, people, or financial products.

=== Tax transparency and the offshore banking debate ===
The Isle of Man as an [[offshore financial centre]] has been repeatedly featured in the press as a [[tax haven]], most recently in the wake of the [[Paradise Papers]].

The [[OECD|Organisation for Economic Co-operation and Development]]'s (OECD) [[Global Forum on Transparency and Exchange of Information for Tax Purposes]] has rated the Isle of Man as 'top compliant' for a second time: a status which only three jurisdictions in the world have achieved so far.<ref>{{Cite web|url=http://www.iomtoday.co.im/article.cfm?id=37105&headline=Isle%20of%20Man%20complies%20with%20international%20standards&sectionIs=news&searchyear=2017|title=Isle of Man Newspapers: OECD ranking|access-date=9 December 2017|archive-date=19 November 2017|archive-url=https://web.archive.org/web/20171119130151/http://www.iomtoday.co.im/article.cfm?id=37105&headline=Isle%20of%20Man%20complies%20with%20international%20standards&sectionIs=NEWS&searchyear=2017|url-status=dead}}</ref> The island has become the second nation after Austria to ratify a multilateral convention<ref>{{Cite web|url=https://mnetax.com/isle-man-government-news-24594|title=Isle of Man ratifies multilateral treaty aimed at tax avoidance|access-date=9 December 2017|archive-date=9 December 2017|archive-url=https://web.archive.org/web/20171209175328/https://mnetax.com/isle-man-government-news-24594|url-status=live}}</ref> with the OECD to implement measures to prevent [[Base erosion and profit shifting (OECD project)|Base Erosion and Profit Shifting]] (BEPS).

In a report<ref>{{Cite web|url=http://www.consilium.europa.eu/en/press/press-releases/2017/12/05/taxation-council-publishes-an-eu-list-of-non-cooperative-jurisdictions/|title=EU Council publishes list of non-cooperative jurisdictions|access-date=9 December 2017|archive-date=6 December 2017|archive-url=https://web.archive.org/web/20171206010502/http://consilium.europa.eu/en/press/press-releases/2017/12/05/taxation-council-publishes-an-eu-list-of-non-cooperative-jurisdictions/|url-status=dead}}</ref> the [[European Council]] lists the Isle of Man together with the other two [[Crown dependencies|Crown Dependencies]] ([[Guernsey]] and [[Jersey]]) as well as Bermuda, the Cayman Islands and Vanuatu, as committed to addressing the Council's concerns of "Existence of tax regimes that facilitate offshore structures which attract profits without real economic activity" by 2018.

== Sectors ==
The Isle of Man's [[Department for Enterprise (Isle of Man)|Department for Enterprise]] manages the diversified economy in twelve key sectors.<ref>{{Cite web|url=https://www.whereyoucan.com/sectors|title=Department for Enterprise: Key sectors|access-date=3 December 2017|archive-date=3 December 2017|archive-url=https://web.archive.org/web/20171203153908/http://www.whereyoucan.com/sectors|url-status=dead}}</ref> The largest individual sectors by GNI are insurance and [[Online gambling|eGaming]] with 17% of GNI each, followed by [[Information and communications technology|ICT]] and banking with 9% each. The 2016 census lists 41,636 total employed.<ref>{{Cite web|url=https://www.gov.im/media/1355784/2016-isle-of-man-census-report.pdf|title=Isle of Man Census 2016|access-date=5 December 2017|archive-date=21 July 2017|archive-url=https://web.archive.org/web/20170721101535/https://www.gov.im/media/1355784/2016-isle-of-man-census-report.pdf|url-status=live}}</ref> The largest sectors by employment are "medical and health", "financial and business services", construction, retail and public administration. Manufacturing, focused on aerospace and the food and drink industry, employs almost 2000 workers and contributes about 5% of GDP.<ref>{{Cite web|url=https://www.whereyoucan.com/manufacturing|title=Department for Enterprise: Manufacturing|access-date=3 December 2017|archive-date=3 December 2017|archive-url=https://web.archive.org/web/20171203153911/http://www.whereyoucan.com/manufacturing|url-status=dead}}</ref> The sector provides laser optics, industrial diamonds, electronics, plastics and aerospace precision engineering.

===Finance sector===
Insurance, banking (includes [[retail banking]], [[offshore banking]] and other banking services), other finance and business services, and corporate service providers together contribute the most to the GNI<ref name=":1" /> and most of the jobs, with 10,057 people employed in 2016.<ref name=":2" />

===eGaming & ICT===
Among the largest employers of the Island's private sector are eGaming ([[online gambling]]) companies like [[The Stars Group]], [[Microgaming]], Newfield, and [[Playtech]]. The Manx eGaming Association MEGA is representing the sector. Licenses are issued by the Gambling Supervision Commission.

In 2005 [[PokerStars]], one of the world's largest [[online poker]] sites, relocated its headquarters to the Isle of Man from [[Costa Rica]]. In 2006, [[RNG Gaming]] a large gaming software developer of P2P tournaments and [[Get21]], a multiplayer online blackjack site, based their corporate offices on the island.

The Isle of Man Government Lottery operated from 1986 to 1997. Since 2 December 1999 the island has participated in the [[National Lottery (United Kingdom)|United Kingdom National Lottery]].<ref>{{Cite web |url=http://www.ontheisleofman.com/can-i-play-the-national-lottery-on-the-isle-of-man/ |title=Can I Play The National Lottery On The Isle of Man? |access-date=2011-12-23 |archive-url=https://web.archive.org/web/20170630005340/http://www.ontheisleofman.com/can-i-play-the-national-lottery-on-the-isle-of-man/ |archive-date=2017-06-30 |url-status=dead }}</ref><ref>{{Cite web |url=http://lottery.merseyworld.com/Info/Diary.html |title=UK National Lottery Diary |access-date=23 December 2011 |archive-date=19 March 2015 |archive-url=https://web.archive.org/web/20150319210353/http://lottery.merseyworld.com/Info/Diary.html |url-status=live }}</ref> The island is the only jurisdiction outside the United Kingdom where it is possible to play the UK National Lottery.<ref>{{Cite web |url=http://www.national-lottery.co.uk/player/p/help/faqs.ftl#int_GetStarted2 |title=National Lottery FAQ:Can I play while overseas? |access-date=2011-12-23 |archive-url=https://web.archive.org/web/20140703194651/https://www.national-lottery.co.uk/player/p/help/faqs.ftl#int_GetStarted2 |archive-date=2014-07-03 |url-status=dead }}</ref> Since 2010 it has also been possible for projects in the Isle of Man to receive national lottery [[National Lottery (United Kingdom)#Good causes|Good Causes Funding]].<ref>{{Cite web |url=https://www.bbc.co.uk/news/10361512 |title=Manx charities to benefit from lottery |access-date=20 June 2018 |archive-date=22 September 2014 |archive-url=https://web.archive.org/web/20140922095859/http://www.bbc.co.uk/news/10361512 |url-status=live }}</ref><ref>{{Cite web |url=https://publications.parliament.uk/pa/ld200506/ldselect/ldconst/151/15107.htm |title=APPENDIX 4: CORRESPONDENCE ON THE NATIONAL LOTTERY BILL Paliment.uk |access-date=31 August 2017 |archive-date=18 February 2015 |archive-url=https://web.archive.org/web/20150218051045/http://www.publications.parliament.uk/pa/ld200506/ldselect/ldconst/151/15107.htm |url-status=live }}</ref> The good causes funding is distributed by the Manx Lottery Trust.<ref>{{Cite web |url=http://www.mlt.org.im/ |title=Manx lottery Trust |access-date=23 December 2011 |archive-date=2 March 2015 |archive-url=https://web.archive.org/web/20150302163433/http://www.mlt.org.im/ |url-status=live }}</ref> [[Tynwald]] receives the 12p lottery duty for tickets sold in the Island.

The shortage of workers with ICT skills is tackled by several initiatives, like an IT and education campus,<ref>{{Cite web|url=http://www.computerweekly.com/news/450401203/Isle-of-Man-launches-IT-and-education-campus-to-share-tech-skills|title=Isle of Man launches IT campus|access-date=6 December 2017|archive-date=7 December 2017|archive-url=https://web.archive.org/web/20171207083735/http://www.computerweekly.com/news/450401203/Isle-of-Man-launches-IT-and-education-campus-to-share-tech-skills|url-status=live}}</ref> a new cyber security degree at the University College of Man,<ref>{{Cite web|url=http://manx.net/isle-of-man-news/82944/cybersecurity-degree-launched-at-ucm|title=UCM: Launch of Cyber Security Degree|access-date=6 December 2017|archive-date=7 December 2017|archive-url=https://web.archive.org/web/20171207084307/http://manx.net/isle-of-man-news/82944/cybersecurity-degree-launched-at-ucm|url-status=dead}}</ref> a Code Club,<ref>{{Cite web|url=http://www.isleofman.com/News/details/82274/exciting-times-at-the-isle-of-man-code-club|title=Code Club Isle of Man|access-date=6 December 2017|archive-date=7 December 2017|archive-url=https://web.archive.org/web/20171207084516/http://www.isleofman.com/News/details/82274/exciting-times-at-the-isle-of-man-code-club|url-status=live}}</ref> and a work permit waiver for skilled immigrants.<ref>{{Cite web|url=https://www.gov.im/categories/working-in-the-isle-of-man/work-permits/exemptions/ict-and-e-business/|title=Isle of Man government: Work permit waiver|access-date=6 December 2017|archive-date=7 December 2017|archive-url=https://web.archive.org/web/20171207084611/https://www.gov.im/categories/working-in-the-isle-of-man/work-permits/exemptions/ict-and-e-business/|url-status=live}}</ref>

===Filmmaking and digital media===
Since 1995 Isle of Man Film has co-financed and co-produced over 100 feature film and television dramas which have all filmed on the Island.<ref name=":0">{{Cite web|url=https://www.isleofmanfilm.com/about/|title=Isle of Man Film|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204061234/https://www.isleofmanfilm.com/about/|url-status=usurped}}</ref>

Among the most successful productions funded in part by [[Isle of Man Film]] agency were ''[[Waking Ned]]'', where the Manx countryside stood in for rural [[Ireland]], and films like ''[[Stormbreaker (film)|Stormbreaker]]'', ''[[Shergar]]'', ''[[Tom Brown's Schooldays (2005 film)|Tom Brown's Schooldays]]'', ''[[I Capture the Castle (film)|I Capture the Castle]]'', ''[[The Libertine (2004 film)|The Libertine]]'', ''[[Island at War]]'' (TV series), ''[[Five Children and It (film)|Five Children and It]]'', ''[[Colour Me Kubrick]]'', ''[[Sparkle (2007 film)|Sparkle]]'', and others. Other films that have been filmed on the Isle of Man include ''[[Thomas and the Magic Railroad]]'', ''[[Harry Potter and the Chamber of Secrets (film)|Harry Potter and the Chamber of Secrets]]'', ''[[Keeping Mum]] and [[Mindhorn]].''<ref>{{Cite web|url=https://www.isleofmanfilm.com/productions/|title=Isle of Man Film Productions|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204061336/https://www.isleofmanfilm.com/productions/|url-status=usurped}}</ref>

2011 Isle of Man Film Oxford Economics was commissioned by Isle of Man Film Ltd to conduct a study into the economic impact of the film industry on the Isle of. Man.<ref>{{Cite web|url=http://www.tynwald.org.im/business/opqp/sittings/20112014/2012-NN-0100.pdf|title=Oxford Economics: The economic impact of the film industry on the Isle of Man|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204171214/http://www.tynwald.org.im/business/opqp/sittings/20112014/2012-NN-0100.pdf|url-status=live}}</ref> The recommendation of this report for Isle of Man Film was to partner with a more established film institution in the UK to source more Isle of Man film production opportunities. This led to the investment of the Isle of Man Government to take shares in [[Pinewood Group|Pinewood Shepperton Plc]]<ref>{{Cite web|url=https://www.theguardian.com/film/2012/jun/06/isle-man-acquire-pinewood-studios|title=Isle of Man acquire Pinewood Studios|access-date=3 December 2017}}</ref> which were sold later with profit.<ref>{{Cite web|url=http://www.three.fm/news/isle-of-man-business/profit-made-on-sale-of-pinewood-shares/|title=Profit made on sale of Pinewood shares|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204114538/http://www.three.fm/news/isle-of-man-business/profit-made-on-sale-of-pinewood-shares/|url-status=live}}</ref>

Once one of the busiest areas of film production in the British Isles, the Isle of Man hopes to use its strong foundation in film to grow its television and new digital media industry.<ref name=":0" /><ref>{{Cite web|url=http://isleofmedia.org/|title=Isle of Media|access-date=3 December 2017|archive-date=4 December 2017|archive-url=https://web.archive.org/web/20171204065720/http://isleofmedia.org/|url-status=live}}</ref> In a recent [[Department of Economic Development (Isle of Man)|Isle of Man Department of Economic Development]] strategic review,<ref>{{Cite web|url=https://www.gov.im/media/1357890/department-of-economic-development-strategic-review.pdf|title=Department for Economic Development: Strategic Review|access-date=3 December 2017|archive-date=1 December 2017|archive-url=https://web.archive.org/web/20171201031546/https://www.gov.im/media/1357890/department-of-economic-development-strategic-review.pdf|url-status=live}}</ref> the Island's over 2,000 jobs counting digital sector features 'digital media' and the [[creative industries]], and embraces partnerships with the industry and its individual sector bodies like the [[Isle of Media]], a new media cluster.

===Motorsports===
Hosting of motorsports events, like the [[Rally Isle of Man|Isle of Man Car Rally]] and the more-prominent [[Isle of Man TT|TT motorcycle races]], contributes to the tourism economy.

=== Tourism ===
[[Tourism in the Isle of Man]] developed from advances in transport to the island. In 1819 the first steamship ''Robert Bruce'' came to the island, only seven years after the first [[steam vessel]] in the [[United Kingdom of Great Britain and Ireland|UK]]. In the 1820s, tourism was growing due to improved transport.<ref>[[#Bir64|Birch 1964]]: 32</ref> The island government's own report for the financial years 2014/15-2015/16 shows tourist accommodation to be in the lowest sector at 0.3%, ranking slightly above 'mining and quarrying' (0.1%).<ref name=":1"/>

==Infrastructure==

=== Electricity ===
Since 1999, the Isle of Man has received [[electricity]] through the world's second longest submarine AC cable, the 90&nbsp;[[Volt|kV]] [[Isle of Man to England Interconnector]], as well as from a natural gas power station in [[Douglas, Isle of Man|Douglas]], an oil power station in [[Peel, Isle of Man|Peel]] and a small hydro-electric power station in [[Sulby Glen]].

=== Gas ===
{{Main|Isle of Man gas industry}}

Gas for lighting and heating has been supplied to users on the Isle of Man since 1836, firstly as [[Coal gas|town gas]], then as [[Liquefied petroleum gas|liquid petroleum gas]] (LPG); since 2003 [[natural gas]] has been available. The future use of hydrogen as a supplementary or substitute fuel is being studied.

=== Broadband ===
The Island is connected with five [[submarine cable]]s to the UK and Ireland.

While the Isle of Man Communications Commission refers to [[Akamai Technologies|Akamai]]’s recent State of the Internet Report for Q1 2017, with "the Island ranked 8th in the world for percentage of broadband connections with >4&nbsp;Mb/s connectivity, with 96% of users connecting at speeds greater than 4&nbsp;Mb/s",<ref>{{Cite web|url=https://www.iomcc.im/telecoms/|title=Communications Commission: Telecoms|access-date=5 December 2017|archive-date=6 December 2017|archive-url=https://web.archive.org/web/20171206074631/https://www.iomcc.im/telecoms/|url-status=live}}</ref> an "international league table of broadband speeds puts the Isle of Man at 50th in the world".<ref>{{Cite web|url=http://www.iomtoday.co.im/article.cfm?id=35445&headline=Survey%20places%20the%20Isle%20of%20Man%20at%2050th%20in%20the%20world%20in%20broadband%20speed%20league%20-%20that%27s%20below%20the%20UK%20and%20Jersey;%20Manx%20Telecom%20says%20the%20data%20is%20not%20conclusive&sectionIs=news&searchyear=2017|title=Survey places the Isle of Man at 50th in the world in broadband speed|access-date=5 December 2017}}{{Dead link|date=February 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> [[Manx Telecom]] recently announced to roll out [[Fibre to the home|Fibre-to-the-Home]] (FTTH) superfast broadband with download speeds of up to 1Gigabit per second.<ref>{{Cite web|url=http://www.isleofman.com/News/details/83167/manx-telecom-invests-in-faster-fibre-broadband|title=Manx Telecom rolls out FTTH|access-date=18 December 2018}}</ref>

=== Travel links ===
[[Isle of Man Airport|Ronaldsway Airport]] links the Isle of Man with six airlines to eleven UK and Irish scheduled flight destinations.<ref>{{Cite web|url=https://www.gov.im/categories/travel-traffic-and-motoring/isle-of-man-airport/flight-destinations-and-timetables/|title=Isle of Man Government: Flight destinations and timetables|access-date=5 December 2017|archive-date=7 October 2017|archive-url=https://web.archive.org/web/20171007070040/https://www.gov.im/categories/travel-traffic-and-motoring/isle-of-man-airport/flight-destinations-and-timetables/|url-status=live}}</ref>

The Steam Packet Company provides ferry services to Liverpool, Heysham, Belfast and Dublin.<ref>{{Cite web|url=https://www.steam-packet.com/OurPorts?__SPCoWinID=4f12fbdb-9b1e-4f43-ac2a-7400668f5558|title=Steam Packet: POrts|access-date=5 December 2017|archive-date=6 December 2017|archive-url=https://web.archive.org/web/20171206074607/https://www.steam-packet.com/OurPorts?__SPCoWinID=4f12fbdb-9b1e-4f43-ac2a-7400668f5558|url-status=dead}}</ref>

== Statistics ==
'''Labour force—by occupation:'''
[[agriculture]], [[forestry]] and [[fishing]] 3%, [[manufacturing]] 11%, [[construction]] 10%, [[transport]] and [[communication]] 8%, wholesale and retail [[distribution (business)|distribution]] 11%, professional and [[science|scientific]] services 18%, [[public administration]] 6%, [[banking]] and [[finance]] 18%, [[tourism]] 2%, [[entertainment]] and [[catering]] 3%, miscellaneous services 10%

'''[[Unemployment]] rate:'''
nominally 5.0% (July 2020)<ref>[https://www.gov.im/about-the-government/departments/cabinet-office/economic-affairs-division/unemployment/ Isle of Man Labour Market Report] {{Webarchive|url=https://web.archive.org/web/20210602214507/https://www.gov.im/about-the-government/departments/cabinet-office/economic-affairs-division/unemployment/ |date=2 June 2021 }}, July 2020, retrieved 8 September 2020</ref>

'''Industries:'''
financial services, light manufacturing, tourism

'''Agriculture—products:'''
[[cereal]]s, [[vegetable]]s, [[cattle]], [[domestic sheep|sheep]], [[pig]]s, [[poultry]]

'''Exports:'''
$NA

'''Exports—commodities:'''
[[tweed (cloth)|tweed]]s, [[herring]], processed [[shellfish]], [[beef]], [[domestic sheep|lamb]]

'''Exports—partners:'''
UK

'''Imports:'''
$NA

'''Imports—commodities:'''
[[timber]], [[fertilizer]]s, [[fish]]

'''Imports—partners:'''
UK

'''Debt—external:'''
$NA

'''Economic aid—recipient:'''
$NA

'''[[Currency]]:'''
1 [[Isle of Man pound]] = 100 pence

'''Exchange rates:'''
the Manx pound is at par with the British pound

'''Fiscal year:'''
1 April – 31 March

==See also==
{{Portal|Money}}
*[[Economy of Europe]]

== Notes ==
{{Reflist}}

== References ==
* {{cite book | last=Birch | first=Jack William | year=1964 | title=Isle of Man | url=https://archive.org/details/isleofmanstudyin0000birc | url-access=registration |series=Publications of the University of Bristol | publisher=Cambridge University Press |ref=Bir64}}

[[Category:Economy of the Isle of Man| ]]
[[Category:Economies of Europe by dependent territory|Isle of Man]]