Bermuda?s balance of payments current account surplus jumped 22 percent to $664 million in 2005, as imports fell and spending by international companies and tourists rose, the Bermuda Monetary Authority said yesterday.

And the current account surplus ? which measures the amount of money Bermuda spends abroad and the amount of money that is brought into the Island ? rose 47 percent to $141 million in the fourth quarter of 2005, capping a strong year for the economy.

For the full year 2005, the current account surplus was estimated at $664 million, up $120 million from $544 million in 2004, according to the provisional figures released by the BMA.

For the three months ending December 31, it climbed 47 percent to $141 million compared to a surplus of $96 million in the corresponding quarter of 2004.

Payments in the fourth quarter of 2005 fell $14 million to $535 million compared to the same period in 2004 which the BMA attributed to a $14 million decline in imports of merchandise goods to $234 million in the period.

The Government overseas expenditure account also contributed marginally to the overall decline in payments for the fourth quarter of 2005, the BMA said. Other Goods, Service and Income fell to $67 million in 2005 compared to $72 million in the fourth quarter of 2004. Investment income payments declined by $1 million to to $20 million in fourth quarter 2005. Current transfers were constant paying out $64 million in the fourth quarter of both years.

Other payments recorded slight increases in the fourth quarter of 2005 compared to the fourth quarter of 2004 with costs for shipping and other transportation as well as professional, managerial and technical services both rising by $1 million over the 2004 fourth quarter to $30 million and $34 million respectively. Travel payments increased by $4 million to $86 million in the fourth quarter 2005, reflecting increased overseas spending on goods by residents, the BMA said.

On the receipt side, the economy recorded an inflow of $676 million, a $31 million increase over receipts in the fourth quarter of 2004. The Bermuda Monetary Authority attributed this increase to local expenditure by the international business sector and expenditures by visitors to the Island.

Professional management and technical services receipts rose to $449 million in the fourth quarter of 2005 compared to $429 million the same quarter of 2004. Travel receipts rose to $82 million compared to $68 million in the fourth quarter 2004. Investment income rose to $91 million taken in compared to $86 million in the corresponding period of 2004.

Receipts for Other Goods, Service and Income fell to $39 million compared to $46 million in the same period 2004. Receipts for shipping and other transportation fell by $1 million to $4 million in the fourth quarter of 2005. Transfers and receipts for merchandise exports were constant taking in $5 million and $6 million respectively in the fourth quarters of 2004 and 2005.

The BMA said the capital and financial accounts, which comprise capital transfers, long-term investment and short term investment, recorded an estimated net outflow of $194 million in the fourth quarter of 2005 resulting from net long term investment outflow of $78 million and net short term investment inflow of $273 million. This inflow was attributable to a decrease of $290 million in the external holdings of authorised dealers and an increase of $17 million in the external holdings of the Bermuda Monetary Authority.