Part 532

Judicial branch: High Court of Justice, justices are appointed by the Lord Chancellor of England on the nomination of the lieutenant governor

Political parties and leaders: there is no party system; members sit as independents

International organization participation: none

Diplomatic representation in the US: none (British crown dependency)

Diplomatic representation from the US: none (British crown dependency)

Flag description: 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

Economy - 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: purchasing power parity - $10,800 (1994 est.)

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

Inflation rate - consumer price index: 7% (1992 est.)

Labor force: total: 33,189 (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: $333.7 million expenditures: $333.5 million, including capital expenditures of $NA (FY94/95 est.)

Industries: financial services, light manufacturing, tourism

Industrial production growth rate: NA%

Electricity - capacity: NA kW

Electricity - production: NA kWh

Electricity - consumption per capita: NA kWh

Agriculture - products: 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

Debt - external: $NA

Economic aid: recipient : ODA, $NA

Currency: 1 Manx pound (£M) = 100 pence

Exchange rates: Manx pounds (£M) per US$1 - 0.6023 (January 1997), 0.6403 (1996), 0.6335 (1995), 0.6529 (1994), 0.6658 (1993), 0.5664 (1992); the Manx pound is at par with the British pound