Bermuda’s current account surplus grew to $276 million in the second quarter, representing a $14 million increase year over year.However, the Balance of Payments statistics released by Government today indicate the Island’s continued slowdown in economic activity.Demand for foreign goods continued to fall. The value of goods imported into the Island decreased by $13 million to $218 million. This marked the ninth consecutive quarter of declining imports.The second quarter saw a $21 million decline in revenue from service transactions from 2011, reflecting a fall in the amount of income from business (a decrease of $5 million), travel (down $16 million) as well as the financial, legal, accounting and management services, which fell $11 million. This number was partially offset by a $7 million increase in insurance services.Payments on the current account (payments to the rest of the world) fell by $8 million to $572 million during the second quarter. The decrease in payments for goods, and other business services were the main contributors to the overall decline.The surplus was attributed to a combined net effect reflecting a decline in payments for goods and services coupled with an increase in current account receipts.Bermuda residents’ and companies’ ownership of foreign assets exceeded their foreign liabilities by more than $1.3 billion.Residents earned $448 million in primary income during the period, which was $24 above the level recorded during the same period in 2011. This increase was primarily due to a $21 million increase from interest earnings and dividends received.Government’s net debt with foreign entities stood at $1.2 billion, while non-financial Bermuda corporations owed the rest of the world $912 million.