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TIME: Almanac 1990
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1990 Time Magazine Compact Almanac, The (1991)(Time).iso
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manisle.4
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1991-04-08
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Economy
Overview: Offshore banking, manufacturing, and tourism are
key sectors of the economy. The government's policy of offering
incentives to high-technology companies and financial institutions
to locate on the island 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 shares of GNP. Banking now contributes over 20%
to GNP and manufacturing about 15%. Trade is mostly with the UK.
GNP: $490 million, per capita $7,573; real growth rate NA% (1988).
Inflation rate (consumer prices): NA%.
Unemployment rate: 1.5% (1988).
Budget: revenues $130.4 million; expenditures $114.4 million,
including capital expenditures of $18.1 million (FY85 est.).
Exports: $NA; commodities--tweeds, herring, processed shellfish
meat; partners--UK.
Imports: $NA; commodities--timber, fertilizers, fish; partners--UK.
External debt: $NA.
Industrial production: growth rate NA%.
Electricity: 61,000 kW capacity; 190 million kWh produced,
2,930 kWh per capita (1989).
Industries: an important offshore financial center; financial
services, light manufacturing, tourism.
Agriculture: cereals and vegetables; cattle, sheep, pigs,
poultry.
Aid: NA.
Currency: Manx pound (plural--pounds); 1 Manx pound (LM) =
100 pence.
Exchange rates: Manx pounds (LM) per US$1--0.6055 (January
1990), 0.6099 (1989), 0.5614 (1988), 0.6102 (1987), 0.6817
(1986), 0.7714 (1985); the Manx pound is at par with the
British pound.
Fiscal year: 1 April-31 March.