Isle of Man: Services, value added (constant 2015 US$)

Key figures

What the numbers say

In 2023, Isle of Man's services, value added (constant 2015 US$) fell 2% on 2022 (from US$6.88 billion to US$6.74 billion).

Across the 10 yearly changes before that (2013 to 2022), the average change was +1.4% and a typical year strayed about 5% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

On record, the biggest yearly rise was 7% in 2016 and the biggest yearly fall was 10.9% in 2020. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.

From 2014 to 2023 there is no clear straight-line trend: a straight line explains less than 1% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.

Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.

How it compares

See how every economy compares in the full ranking.

Closest to Isle of Man in the 2023 ranking

• Aruba — 2nd of 3: US$2.48 billion
• Greenland — 3rd of 3: US$1.75 billion

What this measures

Services industries correspond to ISIC (Rev. 4) divisions 45-99 and includes wholesale and retail trade, repair of motor vehicles, hotels and restaurants, transport, storage and communication, financial intermediation, real estate, renting and business activities, public administration and defense, compulsory social security, education, health and social work, other community, social and personal service activities, private households with employed persons, and extra-territorial organizations and bodies. Value added is the contribution to the economy by a producer or an industry or an institutional sector, which is estimated by the total value of output produced and deducting the total value of intermediate consumption of goods and services used to produce that output. This indicator is expressed in constant prices, meaning the series has been adjusted to account for price changes over time. The reference year for this adjustment is 2015. This indicator is expressed in United States dollars.

Limitations: In the services industries, including most of government, value added in constant prices is often imputed from labor inputs, such as real wages or number of employees. In the absence of well defined measures of output, measuring the growth of services remains difficult.

Regional and income-group figures are computed by the World Bank as a gap-filled total.

All 12 values

Services, value added (constant 2015 US$) in nearby economies

• Albania — US$7.97 billion (2025)
• Andorra — US$2.73 billion (2025)
• Armenia — US$10.55 billion (2025)
• Austria — US$270.9 billion (2025)
• Azerbaijan — US$30.43 billion (2025)
• Belarus — US$29.76 billion (2025)
• Belgium — US$385.76 billion (2025)
• Bosnia and Herzegovina — US$12.58 billion (2025)
• Bulgaria — US$43.88 billion (2025)
• Croatia — US$42.28 billion (2025)

More economic policy & debt data for Isle of Man

• GNI (current US$) — US$7.3 billion (2023)
• GNI (current LCU) — 5.87 billion (2023)
• GNI per capita (current LCU) — 69,738 (2023)
• Adjusted savings, mineral depletion (current US$) — US$0 (2021)
• GDP (current US$) — US$7.58 billion (2023)
• GDP (current LCU) — 6.1 billion (2023)
• GDP (constant 2015 US$) — US$7.1 billion (2023)
• GDP (constant LCU) — 4.64 billion (2023)
• GDP per capita (current US$) — US$90,015 (2023)
• GDP per capita (current LCU) — 72,421 (2023)
• GDP per capita (constant 2015 US$)

Reading data like this

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Questions people ask

What is Isle of Man's services, value added (constant 2015 US$)?

US$6.74 billion in 2023, according to the World Bank (World Development Indicators).

How has it changed since 2012?

It is up 11.61% from US$6.04 billion in 2012 (1% a year on average, compounded). The highest value was US$7.5 billion in 2019 and the lowest US$6.04 billion in 2012.

Is the latest change in services, value added (constant 2015 US$) unusual for Isle of Man?

In 2023, Isle of Man's services, value added (constant 2015 US$) fell 2% on 2022 (from US$6.88 billion to US$6.74 billion). Across the 10 yearly changes before that (2013 to 2022), the average change was +1.4% and a typical year strayed about 5% from that (the standard deviation). This year's change was 0.7 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.

Where does this data come from?

Source

World Bank, World Development Indicators, indicator NV.SRV.TOTL.KD, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.

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