GDP drops 0.9%
Growth of the Manx economy has stalled for the first time in 32 years.
A report on national income published today (10 Nov) shows the Island's gross domestic product (GDP) declined 0.9%, to £4.45 billion pounds.
The figure is calculated from the value of the goods and services produced here, as well as personal and corporate income derived from economic activity, all measured in the last financial year.
Despite an end to the much vaunted consecutive decades of growth, government has described the economy as 'buoyant' and 'strong'
It attributes the drop in GDP to 'factors affecting the e-gaming, transport and communications sectors'.
Gross National Income (GNI), a calculation of income from the interest, rents, profits, and dividends of businesses and individuals, also fell by 3.4%.
More welcome findings reveal that on average the Manx have more money in their pockets, as 'real term' personal income has increased for the third consecutive year.
The report was compiled from the receipts of companies and individuals after the tax year 2015/16, and can be found online at gov.im/