Isle of Man News - POSTED Mon 17-09-2018

GDP increases by 7.4 per cent

by TH

GDP increases by 7.4 per cent

GDP on the Isle of Man increased by 7.4 per cent during 2016 and 2017.

That's according to the latest National Income Report.

It shows out of 24 sectors covered in the report 16 showed growth.

The report also shows that total personal income increased by 4.4 per cent in real terms.

Chief Minister Howard Quayle says: "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."

Enterprise Minister Laurence Skelly says: "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."

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