Income data shows strong Covid recovery - minister

Economic figures from 2021-22 have been published by the government

Income data has shown strong economic bounce-back following the Covid pandemic, the Isle of Man Government has said.

Figures from the Income Report 2021-22, released earlier, revealed growth across several areas, including construction, transport, and e-gaming.

Income estimates, measuring the size and growth of the economy, have been produced annually since 1969.

Treasury minister Alex Allinson said it illustrated "the resilience of the Isle of Man economy in the wake of the pandemic".

Gross Domestic Product (GDP) represents the value of goods and services produced within the Manx economy over a year.

Insurance and e-gaming

Statistics showed the GDP rose by 10.3% from 2021-22, from £5.1bn in the previous year, to £5.6bn.

It represented a rise of 3.4%, after taking inflation into account, the report stated.

Dr Allinson said: "The rise in Gross Domestic Product is a particularly useful indicator with regard to how the economy is faring."

The report also measured specific areas, showing insurance continued to be the largest sector of the Manx economy.

It accounted for 18.2%, with e-gaming closely behind in second contributing 15.7%.

Company income was described as the "main driver" of the economy in the report, accounting for more than 61%.

Meanwhile personal incomes represented more than 30% of the island's economy, it said.

Dr Allinson said the report showed the Isle of Man's "ability to withstand such a significant and sudden challenge".