Economic data 'should concern' Treasury says economist

Figures show the Isle of Man has bounced back after the pandemic but expert highlights length of time to publish

The Isle of Man's economy grew by 10.3 percent between 2021 and 2022 compared with the previous year.

It's a rise of 3.4 percent when taking inflation into account.

Figures released by Statistics Isle of Man show Gross Domestic Product (GDP) is up £400 million to £5.6 billion.

Insurance continues to be the largest sector making up 18.2 percent of the economy.

eGaming is close behind at 15.7 percent.

In response to the data former government economist John Webster told Manx Radio: "I'm not as optimistic about these statistics as is the treasury minister.

"GNP data is a very important indicator of the economy's health so it is disappointing that the data is made available so long after the event.

"While focus has been on GDP, which grew by 3.4 percent, the IOM has suffered a large reduction in net income from abroad which is reflected in GNP data.

"In real terms GNP fell 8.7 percent over the year, having fallen 6.3 percent the previous  year, which is a very significant reduction that should concern Treasury.

"Particularly concerning is the fall of 29 percent in Information & Communication Technology while Insurance fell 15.3 percent.

"Insurance is a major driver of economic growth while ICT is an important element in enabling the necessary changes to improve the Island's low productivity."