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Economy Overview:
See statistics, finance &
trade info..»
- Offshore banking is the key sector in the Manx
economy.
- The Isle of Man is not part of the United Kingdom nor the European
Union, although it has been granted access to the EU markets.
- The government's
policy of offering incentives to financial institutions has converted the Isle
of Man into a leading international banking centre.
- Agriculture and fishing,
once the most important sector of the island's economy, are now dwarfed by the
services sector.
GDP purchasing power parity: approx. € 1.3 billion
(2001).
GDP real growth rate: +13.5%
GDP per capita: purchasing
power parity - approx. € 17,800 (2001).
Population below poverty line:
Not Available.
Labour force: 36,610 (1998).
Labour force - occupation
by sectors: agriculture 3%, industry 20%, services 77%.
Unemployment
rate: 0.7% (March 2003).
Budget: € 410 million in revenues
and € 392 million in expenditures.
Currency: Pound Sterling (Manx,
English, Scottish and Northern Irish currencies).
Industries: Financial
services, light manufacturing, tourism.
Main airports: Ronaldsway-Ballasalla.
Main ports: Douglas, Peel, Ramsey.
Historical
background -
Megalithic culture in the Isle of Man ca. 4500-1500 BC. Stone constructions
characteristic of the Manx historical heritage.
- Bronze Age and trade
in the European Atlantic, 1500-700 BC.
- Celtic tribes settle in Britain
circa 500 BC.
- Roman empire: the Romans name Mann as "Monapia"
but they never settle in the island.
- Viking age: Scandinavians settle
in Mann, becoming a Norse territory between 853-1266 AD. Norse culture have greatly
influenced Manx history and the population is proud of their Norse heritage. The
Manx Tynwald and Iceland's Thingvellir (930 AD) are the oldest working parliaments
in the world.
- Fiefdom of Mann: Mann was ceded as a fiefdom of the
Kingdom of Scotland from 1266 to 1333 and later became an English fiefdom from
1333.
- British crown dependency: the Isle of Man becomes a British
Crown dependency in 1765. Besides foreign relations, currency and defence, Mann
continues largely to enjoy domestic self-government.
- Manx language renaissance:
Manx ancient Celtic language has been largely unused by the population since the
19th century. The last native Manx speaker died in 1974. Steps have been taken
to revive it in the 20th century by some individuals and lately with the support
of the Isle of Man government. Today it is widely considered as an important part
of Manx historical heritage.
- Offshore banking industry: since the
1960's the Isle of Man is an international offshore banking centre, similar to
Switzerland, the Bahamas or the Cayman Islands. Many personal bank accounts or
internationally trading companies are domiciled in the Isle of Man for purposes
of tax protection. The offshore banking industry is Mann's dependent source of
economic wealth and employment.
Tourism and Culture
-
Tourist information and literature..»
-
The capital Douglas has the island's most ammenities and a certain international
flavour thanks to Mann's dynamic offshore banking industry.
- Cycling is an
easy and pleasant way of discovering Mann.
- The tourist highlights of Mann
are in the southern tip of the island, at Port Erin, the Calf of Man and Castletown,
and the tourist railways north of Douglas.
- St Patrick's Isle is a historic
islet, one of the smallest in the Irish Sea.
- Off the beaten track to the
north of the island, at the point of Ayre.
- The yearly Isle of Man TT motorcycle
racing is an internationally known sport event. | |
