His Excellency Sir Timothy DAUNT (since NA 1995) who was appointed
for a five-year term by the queen
head of government: President of the Legislative Council Sir Charles
KERRUISH (since NA 1990); was elected by the Tynwald
cabinet: Council of Ministers

Legislative branch: bicameral Tynwald
Legislative Council: consists of a 10-member body composed of the
Lord Bishop of Sodor and Man, a nonvoting attorney general, and 8
others named by the House of Keys
House of Keys: elections last held NA November 1991 (next to be held
NA 1996); results - percent of vote NA; seats - (24 total)
independents 24

Judicial branch: High Court of Justice, justices are appointed by
the Lord Chancellor of England on the nomination of the lieutenant
governor

Political parties and leaders: there is no party system; members
sit as independents

International organization participation: none

Diplomatic representation in US: none (British crown dependency)

US diplomatic representation: none (British crown dependency)

Flag: red with the Three Legs of Man emblem (Trinacria), in the
center; the three legs are joined at the thigh and bent at the knee;
in order to have the toes pointing clockwise on both sides of the
flag, a two-sided emblem is used

Economy
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Economic 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 GDP. Banking now contributes about 45% to GDP. Trade
is mostly with the UK. The Isle of Man enjoys free access to EU
markets.

GDP: purchasing power parity - $780 million (1994 est.)

GDP real growth rate: NA%

GDP per capita: $10,800 (1994 est.)

GDP composition by sector:
agriculture: NA%
industry: NA%
services: NA%

Inflation rate (consumer prices): 7% (1992 est.)

Labor force: 31,829 (1991)
by occupation: manufacturing 11%, construction 11%, transport and
communication 6%, retail distribution 9%, professional and
scientific services 17%, public administration 7%, banking and
finance 8%

Unemployment rate: 1% (1992 est.)

Budget:
revenues: $130.4 million
expenditures: $114.4 millio