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• GDP: US$2.7 billion (2005).
• Main exports: Tweeds, herring, processed shellfish, beef and lamb.
• Main imports: Timber, fertilisers and fish.
• Main trade partner: UK.
• Main exports: Tweeds, herring, processed shellfish, beef and lamb.
• Main imports: Timber, fertilisers and fish.
• Main trade partner: UK.
Economy
The island’s economy relies principally on tourism and financial services attracted by banking secrecy laws that render assets deposited on the island less vulnerable to disclosure requirements than those on the mainland. Taxation rates are also, on the whole, lower than those of the UK. There is a small agricultural and fishing sector, and limited manufacturing. Financial incentives offered to film and television producers have led to an increase in the number of major productions shot on the island in recent years. The island has also attracted online gambling sites.
The unemployment rate was a mere 1.5% in 2006, and growth was a healthy 5.2% in 2005.
The unemployment rate was a mere 1.5% in 2006, and growth was a healthy 5.2% in 2005.
Business Etiquette
See the main United Kingdom section.
Conferences & Conventions
Seating is available for up to 1,500 persons, although facilities on the island lend themselves very well to meetings of 100 persons or less. All conference hotels have superb back-up services. For further information, contact the Department of Tourism (see Contact Addresses).
Business Contacts
Isle of Man Chamber of Commerce
17 Drinkwater Street, Douglas IM1 1PP, Isle of Man
Tel: (01624) 674 941.
Website: www.oimchamber.org.im
17 Drinkwater Street, Douglas IM1 1PP, Isle of Man
Tel: (01624) 674 941.
Website: www.oimchamber.org.im