Legislative branch: bicameral Tynwald consists of the Legislative
Council (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) and the House of Keys (24 seats; members are elected by
popular vote to serve five-year terms)
elections: House of Keys—last held 21 November 1996 (next to be held
NA 2001)
election results: House of Keys—percent of vote by party—NA; seats
by party—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 the US: none (British crown
dependency)
Diplomatic representation from the US: none (British crown
dependency)
Flag description: 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
Economy—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 and other services now contribute more than four fifths of GDP. Trade is mostly with the UK. The Isle of Man enjoys free access to EU markets.
GDP: purchasing power parity—$985 million (1998 est.)