Part 469

International organization participation: none

Diplomatic representation in US: none (British crown dependency)

US diplomatic representation: none (British crown dependency)

Flag: red with the Three Legs of Man emblem (Trinacria), in the center; the three legs are joined at the thigh and bent at the knee; in order to have the toes pointing clockwise on both sides of the flag, a two-sided emblem is used

Economy -------

Economic overview: Offshore banking, manufacturing, and tourism are key sectors of the economy. The government's policy of offering incentives to high-technology companies and financial institutions to locate on the island has paid off in expanding employment opportunities in high-income industries. As a result, agriculture and fishing, once the mainstays of the economy, have declined in their shares of GDP. Banking now contributes about 45% to GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.

GDP: purchasing power parity - $780 million (1994 est.)

GDP real growth rate: NA%

GDP per capita: $10,800 (1994 est.)

GDP composition by sector: agriculture: NA% industry: NA% services: NA%

Inflation rate (consumer prices): 7% (1992 est.)

Labor force: 31,829 (1991) by occupation: manufacturing 11%, construction 11%, transport and communication 6%, retail distribution 9%, professional and scientific services 17%, public administration 7%, banking and finance 8%

Unemployment rate: 1% (1992 est.)

Budget: revenues: $130.4 million expenditures: $114.4 million, including capital expenditures of $18.1 million (1985 est.)

Industries: financial services, light manufacturing, tourism

Industrial production growth rate: NA%

Electricity: capacity: 61,000 kW production: 190 million kWh consumption per capita: 2,965 kWh (1992)

Agriculture: cereals, vegetables; cattle, sheep, pigs, poultry

Exports: $NA commodities: tweeds, herring, processed shellfish, beef, lamb partners: UK

Imports: $NA commodities: timber, fertilizers, fish partners: UK

External debt: $NA

Economic aid: recipient: ODA, $NA

Currency: 1 Manx pound (LM) = 100 pence

Exchange rates: Manx pounds (LM) per US$1 - 0.6537 (January 1996), 0.6335 (1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992), 0.5652 (1991); the Manx pound is at par with the British pound

Fiscal year: 1 April - 31 March

Transportation --------------

Railways: total: 52 km (27 km electrified)

Highways: total: 640 km paved: 320 km unpaved: 320 km