The Isle of Man economy is in its twenty fifth consecutive year of growth with the economy currently experiencing a growth rate estimated at 8%p.a. Banking generates typically around one fifth of the Island's gross domestic product, with the rest of the finance industry adding another 15%-20%.

One consequence of the economy's performance has been an ongoing strengthening of public finances. Over the last seven years alone Treasury's receipts more than doubled to stand at over £0.6bn in 2007.

Diverse economy

Aside from its historical strength in the finance sector, the Isle of Man contains a host of diverse, successful sectors developed over recent years, including:

Ship registration and management - the Isle of Man's Ship Register is one of the best in the world and is supported by international companies offering specialist maritime services in both ship and yacht management, finance, maritime insurance, maritime law and company formation.

Space - the Isle of Man is a leading jurisdiction for the location of companies in the exploration of space and is home to the International Space University's Institute of Space Commerce.

Manufacturing - high-tech manufacturers produce essential components for use in airliners, submarines, spacecraft and oil rigs to name but a few.

Film - the Isle of Man is one of the busiest areas of film production in the British Isles, having coproduced and co-financed over 85 film, television drama and animation projects since 1995.

An important element of the Island's fiscal strength is the long established and self-imposed legislative requirement that Government must budget for a surplus in respect of its annual revenue spending. Whilst meeting this requirement Government has continued to invest in developing and updating the Island's infrastructure, for economic as well as social benefit. This overall strength in the public finances has been recognised in the continued 'AAA' ratings from credit agencies Standard & Poors and Moodys.