Economy grows but Island's banking sector shrinks

The latest figures on the Manx economy make for encouraging reading in a new report produced by the Government today.

The national accounts for 2009-10 show it was the 20th successive year of economic growth for the Island with a rise of 2.1 per cent.

The figures also show that the finance sector accounted for 34 per cent of national income, with insurance its biggest single contributor accounting for 13 per cent.

Outside of finance, education and health led the way at eight per cent while transport and communications was seven per cent.

In addition, GDP per capita in the Isle of Man was more than £39,000 – 93% higher than the UK.

The Island’s total GDP was £3.25billion.

However, the report also confirmed the Island’s banking sector had shrunk by a quarter – a result of the global economic breakdown.