Isle of Man's economic growth rate slowed down in 2017-18

Image source,
Image caption,
The Manx economy was worth £5.26bn in 2017-18

The Manx economy grew by 3.6% in the 2017-18 financial year, according to newly-published government figures.

It is the second consecutive year of economic growth for the island, following a 7.4% rise in 2016-17.

Figures from the latest National Income Report detailed an increase in the Gross Domestic Product (GDP) to £5.26bn.

While the largest sector of e-gaming grew 18%, agriculture declined 30% and tourist accommodation shrank 21%.

Insurance, catering and entertainment, and construction also enjoyed growth over the year.

Policy and Reform Minister Chris Thomas said the previous sharp rise was "unlikely to be repeated" and the growth was "still very positive" compared with the UK.

E-gaming, which includes online gambling and games, remained the Isle of Man's largest sector with a 21.1% share.

In the 2015-16 financial year, the Isle of Man economy contracted for the first time in three decades with a 0.9% decline.

Related Internet Links

The BBC is not responsible for the content of external sites.