* Isle Of Man's Economic Growth Exceeds ExpectationsAfter allowing for inflationary pressures, the growth rate of 5.9% in 2002/2003 came in above the government’s own estimate of 3.5% GDP growth.
Other indicators also reveal that the island’s economy has performed well at a time of much uncertainty in the global market, with data showing an increase in job vacancies and an unemployment rate of just 1%.
Commenting on the figures, Treasury Secretary Alan Bell observed: “Given the difficulties and uncertainties arising from the global economic and political situation it would have to be said that the economy performed very well and indeed continues to do so."
He added:
“For its part, Government will continue to do all it can to ensure that Island-based companies are always on a strong footing in their fight for business. The Economic Strategy to be put before Tynwald for its approval later this month, will show where Government will be focussing its efforts in this regard.”