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Welcome income from boats and planes

The Isle of Man's shipping industry brought in almost £58 million pounds to the Island during the last financial year, represening 2.8% of the gross domestic product.

The figure has been revealed in the answer to a written Tynwald question, from North Douglas MHK Bill Henderson.

In his reply, Trade and Industry Minister David Cretney said shipping was one of the fastest growing sectors of the Manx economy in 2007/2008, increasing in real terms by over 40%.

He also released figures for the Aircraft Register, which earned local law firms and corporate service providers over £1 million during its first full year of operation.

It also generated over $50 million in loans for local banks.

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