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Banking sector shrank by 25% during credit crunch

Mon, 31 Oct 2011

The Island's banking sector shrank by a quarter during the credit crunch.

The latest economic figures released by the governmnet are for the 2009/2010 period and reflect the impact the world's financial turmoil and the global recession.

Chief Minister Allan Bell says insurance is now the biggest sector in the Island's financial services industry.

Other industries saw growth during that time, including egaming which grew by over 40%.

Mr Bell says this helped to offset the downturn in financial services and the Manx economy continued to grow.[play media file below]

 

 

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Media

• Chief Minister Allan Bell