Bermuda's international companies generated a whopping $577.7 million to the Island's economy, the latest report from the Ministry of Finance has revealed.

The $577 million is an increase of 11.5 percent over the $518 million generated in 1992.

The report, released Friday, covers the economic impact of international companies on Bermuda for the year 1993 and reinforces the growing impact of international business as compared to tourism.

"In 1992 and 1993, Bermudian export earnings from international company businesses exceeded the revenue obtained from international tourism, although tourism remained the predominant source of employment on the Island,'' Prof.

Archer, the author of the report, concluded.

The report also said of the 7,578 companies registered in 1993 -- an increase of 4.2 percent over 1992 when there were 7,271 -- only 242 had a physical presence on the Island. But they "accounted for between 70 and 80 percent of the expenditure'' of the group.

In the last ten years, the number of international companies registered in Bermuda has grown 28.2 percent.

Since 1987, the most significant growth has come in mutual fund, shipping, and investment holding companies.

The 27-page report, an update of the comprehensive 157-page multi-year Bermudian Economy report which concluded with 1992 statistics and was released earlier this year, went on to note international companies spent $391.7 million and their business visitors -- over 13,000 business travellers came to Bermuda bringing 11,000 friends and relatives -- spent $410.1 million, of which, $208.1 million was spent by insurance related companies last year.

Other highlights included; $143 million was paid in salaries by international companies.

$32.5 million was paid in taxes, fees, duties, licences and levies to the public sector by the companies.

$135.7 million was paid in professional fees and bank fees and about $77 million to other Bermuda companies.

1,313 Bermudian employees worked for international companies.

Public sector revenue generated, $141 million.

Net impact on the balance of payments was about $70 million.

Employment maintained was 5,000 with a further 5,500 affected.

The total income, as well as the last three principal findings include secondary spin-off effects like household re-spending, and the impact made by business visitors, according to Prof. Archer.