IoM economic growth 'stronger than in most of Europe'

Moody's releases annual report on Island's finances

Manx economic growth is 'stronger than in most of Europe' according to credit ratings agency Moody's.

The organisation's annual look at the Island's financial standing found a robust record of economic growth with high income levels.

Giving the Island an 'Aa3 stable' rating, Moody's says that could be upgraded if there was upward pressure on the UK's rating, as well as technological or regulatory changes, while highlighting a labour shortage as one of the main challenges facing the economy.

Responding to Moody's report, Treasury Minister Alex Allinson said it demonstrates the Island is on 'the right path'.