Around 44 per cent of the Island’s gross domestic product – the total value of goods produced and services provided in a country annually – comes from its financial services industry.
By comparison, the finance sector contributed 38% to GDP in Bermuda, 34% in Guernsey, 25% in the Cayman Islands and 22% in the Isle of Man, according to the new Island Monitor 5 report 2016.
The report, which was produced by Guernsey-based data analysis firm Island Global Research, shows that most offshore centres saw their competitiveness ratings decline in the Global Financial Centres Index during 2016.
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