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Concept
Economy of the Isle of Man
Résumé
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 banking forming key sectors of the island's 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 is not a member of European Union.
As of 2016, the Crown dependency's gross national income (GNI) per capita was US$89,970 as assessed by the World Bank. The Isle of Man Government's own National Income Report shows the largest sectors of the economy are insurance and eGaming with 17% of GNI each, followed by ICT and banking with 9% each, with tourist accommodation in the lowest sector at 0.3%.
After 32 years of continued 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.
The unemployment rate is around 5%.
Property prices are flat or declining, but recent figures also show an increase in resident income tax payers.
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, and 629 jobs in 2016. eGaming and ICT contribute the great bulk of GNP. 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).
In the Vision2020 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 'Enterprise Island, ''Tech Isle', 'Manufacturing centre of excellence', 'Offshore energy hub', 'Destination Island' and for 'Distinctive local food and drink'.
Source officielle
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