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Island’s current account surplus up 21.9%

Bermuda's current account surplus in the fourth quarter of last year was $233 million, up $42 million, or 21.9 per cent, on the same period in 2017.

However, the deficit on the goods account, which makes up part of the overall total, increased $41 million to $276 million.

There was a $116 million surplus in services transactions, while the surplus on the island's primary income account grew to $430 million in the fourth quarter.

A balance of payments and international investment position bulletin, issued by the Department of Statistics, noted: “The rise in the current account surplus reflected mostly a higher surplus balance on the services account and the primary income account, which offset a widening deficit balance on the goods account.”

Year-over-year, the value of imported goods increased to $280 million, up 17.1 per cent.

This was reflected in a $39 million rise in imported goods from the United States, Bermuda's largest trading partner.

Imports from the United Kingdom grew $2 million, while imported goods from Canada and the Caribbean declined by $3 million and $2 million, respectively.

Imports of fuel grew by $26 million, while imports of machinery and finished equipment increased by $5 million and $4 million respectively. Imports of food, beverages and tobacco rose $1 million.

Revenue from exports during the quarter remained unchanged at $4 million.

Bermuda's net international investment position decreased to $2,571 million, a drop of $510 million compared to the third quarter of 2018.

The IIP is a record of Bermuda residents' investments abroad and non-residents' investment in Bermuda, including government, financial and non-financial corporations.

Economic indicator: a snapshot of Bermuda's current account balance over five quarters

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Published May 27, 2019 at 9:00 am (Updated May 26, 2019 at 7:25 pm)

Island’s current account surplus up 21.9%

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