International businesses injected a massive $188 million into Bermuda's economy in the first three months of this year.

And residents spent $5 million, or 15 percent, less on education and travel abroad in that quarter than in the same period last year.

Those startling facts were revealed in the Bermuda Monetary Authority's just-released quarterly report.

It was circulated just two weeks after the BMA's new general manager D. Munro Sutherland took up his post with the body from the Bank of England.

Mr. Sutherland replaced Malcolm Williams who resigned on March 31 after nine years as general manager.

The report shows exempt companies have continued to expand their contribution to the local economy in paying bills for rent, salaries of local staff, government fees and the like.

The $188 million injection was more than the $185 million in the same quarter last year but less than in the previous three quarters which saw international business inject as much as $215 million.

Overall provisional estimates for the quarter projected that Bermuda achieved a balance of payments surplus on current account of $24 million, an increase of $28 million compared with the first quarter of 1998.

This figure does not include international businesses turn-over which would swamp the true snapshot of how Bermuda is doing internationally, a spokesman of the BMA said last night.

The value of goods imported for the first quarter rose 22 percent to $31 million on the same period last year, largely due to the demand for construction materials, the report said.

And income payments dropped by $18 million, or 75 percent, due to lower dividend and related payments to non-residents.

Investment income jumped $30 million as a result of higher earnings generated by overseas investments. Local receipts of exempt companies crept up by $3 million, or two percent, reflecting the continual growth of Bermuda's international business sector.

The report also noted the combined effect of the Government liquidating its overseas debt and residents investing in pension funds overseas had caused a $70 million hike in the net long term investment figure.

Exports crept up slightly compared to the first quarter of 1998 from $10 million to $11 million which is a big improvement on the past three quarters when the value of exports dropped as low as $5 million.