“Statistics are no substitute for judgment” Henry Clay
In typical British fashion we tend not to overtly celebrate success; no high-fives here thank you, perhaps a polite nod and a murmured ‘well done’. It is pleasing to note however the recent announcements which I think ought to be highlighted.
The Island has been placed in the top 10 by the World Bank out of 214 international economies, ahead of the UK and US and beaten only by top-placed Monaco, Liechtenstein, Bermuda, Norway, Switzerland, Qatar and Luxembourg.
Figures for gross domestic product show the Manx economy has outgrown that of Jersey for the first time and that it was the 29th successive year of growth for us.
The strong economic performance has been underpinned by continued growth in a number of business sectors such as e-gaming.
Chief Minister Allan Bell said people didn’t appreciate the astonishing success of the Manx economy over the last 30 years, our national income having been half that of the UK’s in the early 1980s.
He said: “This is extremely positive news and reflects the efforts made over many years to develop the Isle of Man economy. The success of our established industries and diversification into high-value emerging sectors has provided the resilience to weather the worst of the recent downturn.”
“Where the Isle of Man was once considered the poor relation of the three Crown Dependencies, it has continued to grow steadily to outperform both Jersey and Guernsey.”
He said the Island is looking to build on these solid foundations by winning more business and jobs from countries across the globe, including China and the Middle East.
He did caution though: “Against this positive backdrop is recognition that key parts of the domestic economy such as construction and retailing are still struggling.”