Bermuda’s current account surplus fell to $626 million last year — the second successive year that the figure has dropped by nearly $300 million.

The surplus represents the difference between what Bermuda residents and companies received from overseas and what they paid out to overseas entities. The fall in the surplus showed that the Island’s receipts fell faster than its payments.

Government figures released today show that Island residents paid $1.067 billion for imported goods last year — $93 million less than they did in 2008.

Fewer receipts from travel and business services were the factors behind a dramatic fall in the services surplus to $351 million, from $423 million in 2008.

The Department of Statistics also reported that the fourth quarter current account surplus totalled $183 million — up from $10 million in the fourth quarter of 2008.

For the full story, see the Business section of tomorrow’s Royal Gazette.