Isle Of Man / Ellan Vannin

Isle of Man banking sector slumps

The banking sector on the island shrunk by almost a quarter in the period between 2009 and 2010, according to official figures.

The Isle of Man treasury report said the down turn was a consequence of the global financial crisis.

Despite this, the figures also showed an overall growth in the island's economy for the twenty-seventh successive year.

The GDP, an indication of the island's prosperity, increased by 2.1% during the stated time period.

The fastest growing industry in the Isle of Man between 2009-2011 was the e-gaming sector which showed a growth rate of almost 40%.

Despite the banking slump, the finance sector continues to be the island's biggest earner, accounting for 34% of the total income.

Manufacturing has also grown above the national average and now contributes about 5% of the island's total income.

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