Bermuda?s balance of payments for the second quarter of 2005 recorded a projected surplus of $59 million compared to a surplus of $55 million in the corresponding quarter of 2004.

The Bermuda Monetary Authority?s economic figures show that payments in the second quarter of 2005 increased by $4 million to $517 million compared to $513 million in the corresponding period of 2004.

Of the payments, only one area ? other goods, services and income ? recorded a decline.

Payments were $75 million in the second quarter of 2005 compared to $81 million in the 2004 second quarter.

Investment income was constant paying out $17 million in the second quarters of both years.

All other areas recorded year-on-year increases in payments. Current transfers payments were $61 million in the second quarter of 2005, up from $60 million in the second quarter 2004. Payments for merchandise imports rose to $242 million from $236 million in the same period of 2004.

Shipping and transportation costs stood at $35 million in the 2005 second quarter compared to $34 million in the 2004 second quarter.

Travel generated $52 million in payments compared to $51 million in 2004.

Professional management and technical services generated $32 million in payments in 2005 versus $31 million in the 2004 second quarter.

On the receipt side, the economy recorded an inflow of $8 million more compared to the second quarter of 2004 year with a projected $576 million taken in during the period compared to $568 million during the second quarter of 2004.

Most notably, travel receipts increased to $134 million compared to $116 million during the first quarter of 2004.

Professional management and technical services receipts rose to $312 million compared to $306 million last year.

Receipts for merchandise exports increased by $2 million in the second quarter of 2005 to $7 million.

Investment income declined with just $75 million taken in compared to $91 million in the corresponding period of 2004. Other goods services and income posted a $1 million decline in the second quarter of 2005 with $40 million in receipts.

Receipts for shipping and other transportation also fell by $1 million to $3 million in the second quarter of 2005.

Transfers remained constant year-on-year at $5 million.

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 $44 million in the second quarter of 2005 resulting from net long term investment inflow of $10 million and net short term investment outflow of $54 million.

This outflow was attributable to increases in the external holdings of authorised dealers, the BMA said.