Bermuda?s balance of payments for the third quarter of 2005 recorded a projected surplus of $173 million compared to a surplus of $147 million in the corresponding quarter of 2004.

The Bermuda Monetary Authority?s economic figures show that payments in the third quarter of 2005 increased by $5 million to $561 million compared to the corresponding period of 2004.

All but two areas recorded year-on-year increases in payments with Other Goods, Service and Income rising to $92 million in 2005 compared to $75 million in the third quarter of 2004.. Shipping and transportation costs hit $32 million in the 2005 third quarter compared to $31 million in the 2004 third quarter. Travel generated $69 million in payments compared to $66 million in 2004. Investment income payments rose from $17 million in the 2004 third quarter to $18 million in the same period 2005. Professional management and technical services generated $33 million in payments in 2005 versus $32 million in the 2004 third quarter. Current transfers were constant paying out $63 million in the third quarter of both years.

The increase was offset by a decrease in the amount of goods purchased abroad. Merchandise imports of $254 million in the third quarter of 2005 were off by $18 million compared to the same quarter of 2004.

On the receipt side, the economy recorded an inflow of $734 million, a $31 million increase over receipts in the third quarter of 2004 which the Bermuda Monetary Authority attributed to an increase in expenditures by the international business sector.

Professional management and technical services receipts rose to $451 million in the third quarter of 2005 compared to $429 million the same quarter of 2004. Investment income rose to $89 million taken in compared to $79 million in the corresponding period of 2004. Receipts for Other Goods, Service and Income rose to $46 million compared to $41 million in the same period 2004. Receipts for shipping and other transportation rose by $1 million to $5 million in the third quarter of 2005.

Travel receipts and transfers remained constant year-on-year at $132 million and $5 million respectively.

Receipts for merchandise exports fell to $6 million in the third quarter of 2005 compared to $13 million in 2004.

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 $26 million in the third quarter of 2005 resulting from net long term investment outflow of $22 million and net short term investment outflow of $3 million. This outflow was attributable to increases in the external holdings of the Bermuda Monetary Authority.