Figures released this week indicated the fastest growing sectors of the economy are in banking, insurance and real estate, and international business.

Employment income in Bermuda rose 3.4 percent in the second quarter from the first quarter, according to figures released by the Statistics Department.

After accounting for a two percent annual rate of inflation, year-over-year employment income increased in real terms by seven percent to $376.25 million earned in the three months to September 30.

The increases may be due to increased employment and also to higher pay awards to workers in the categories tracked by the Office of the Tax Commissioner, the source of the figures.

Employment income in the banking, insurance and real estate sectors, a broad category, rose 15 percent year-over-year, or 13 percent in real terms, to $50.5 million.

Interestingly, the category did not show any significant growth over the past year, until a spurt between the third and second quarter 1998. Employment income grew by $7.72 million or 16 percent in real terms in the three months.

Meanwhile, income in the international business category grew by 9.8 percent in real terms in the third quarter compared to the same period last year.

Employment income in the international category made up 13.8 percent of the total earned in the third quarter, while the banking, insurance and real estate category made up 13.4 percent.

Employment income in the public sector was 15.2 percent of the total. Income in the sector grew in real terms by 2.5 percent year over year to $57.34 million.

The "other'' category tracked by the Tax Commissioner grew by 7.5 percent in real terms to $68.66 million. The "other'' category accounts for 18.2 percent of the total employment income picture.

For the first nine months of the year workers earned $1.08 billion, a gain of about eight percent over the same period last year.