The international business sector injected a massive $800 million into Bermuda's economy in 1998, Bermuda Monetary Authority figures have revealed.

The BMA's quarterly notice for the final quarter last year was released yesterday and shows the sector's professional, managerial and technical services continued to expand its contribution to the local economy.

The final quarter saw the economy receive a boost of $212 million from the international business sector, up 41 percent or $62 million on the same period in the previous year.

Total receipts from the sector have continued to steadily grow from $527 million in 1995 to $631 million in 1996 and $743 million in 1997.

Overall Bermuda achieved a balance of payments surplus on current account of $39 million in 1998's final quarter, up $27 million on the year before according to the latest provisional estimates.

But the quarterly notice of results also showed a decline in the overseas sale of Bermuda's goods and services with exports falling by 36 percent, or $5 million, down to $9 million compared with the same period in 1997.

For the whole year exports dropped from $57 million in 1997 to just $33 million in 1998.

The report revealed payments for shipping and other transportation dropped by 14 percent to $24 million reflecting a decrease in expenditure by residents on passenger services relating to overseas travel.

Current transfers rose by $5 million, or 18 percent, to $33 million in the quarter as residents increased their overseas payments on dependents, charities and workers' remittances.

Investment income receipts were also down that quarter, having dropped 30 percent, or $20 million, to $6 million since certain public sector entities realised significant gains from the sale of foreign currency assets in 1997.

The BMA report showed the wins were not repeated in 1998, leaving the dent in the figures.