75049
English, Manx Gaelic (about 2% of the population has some knowledge)
DOUGLAS (capital) 29,000 (2014)
- Conventional long form
- none
- Conventional short form
- Isle of Man
- Local long form
- Local short form
parliamentary democracy (Tynwald); a Crown dependency of the UK
- Name
- Douglas
- Geographic coordinates
- 54 09 N, 4 29 W
- Time difference
- UTC 0 (5 hours ahead of Washington, DC, during Standard Time)
- Daylight saving time
- +1hr, begins last Sunday in March; ends last Sunday in October
Financial services, manufacturing, and tourism are key sectors of the economy. The government offers low taxes and other incentives to high-technology companies and financial institutions to locate on the island; this 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 contributions to GDP. The Isle of Man also attracts online gambling sites and the film industry. Online gambling sites provided about 10% of the islands income in 2014. The Isle of Man enjoys free access to EU markets and trade is mostly with the UK. In October 2014, the Isle of Man signed an OECD agreement to automatically exchange some financial account information to limit tax avoidance and evasion.
- Inflation
- None%
- Total tax rate (% of commercial profits)
- None%
- Real Interest Rate
- None%
- Manufacturing, value added (% of GDP)
- None%
- Current Account Balance
- US$
- Labor Force, Total
- Employment in Agriculture
- %
- Employment in Industry
- %
- Employment in Services
- %
- Unemployment Rate
- %
- Imports of goods and services
- US$
- Exports of goods and services
- US$
- Total Merchandise Trade
- %
- FDI, net inflows
- US$
- Commercial Service Exports
- US$
cereals, vegetables; cattle, sheep, pigs, poultry
financial services, light manufacturing, tourism
- Commodities
- tweeds, herring, processed shellfish, beef, lamb
- Partners
- Commodities
- timber, fertilizers, fish
- Partners