current account surplus of $55 million, $16 million less than a year before.

This came after there was no change in a comparison of first quarter figures (a $22-million deficit) and a marginal change for the second quarter from a $79 million surplus in 1995 to a $74 million surplus in 1996.

The BMA said the value of imports for the third quarter rose 14 percent, mainly due to construction work and an increase of $6 million in overseas spending by Bermudians. Investment income payments fell $4 million.

Third quarter receipts for exports were $8 million higher in 1996 than the year before, as a result of a $4 million increase in tourism receipts and a $3 million increase in the professional, managerial and technical services resulting from an increase in expenditure by international companies.

The capital and financial account recorded a net outflow of $28 million, some $33 million less than for the same quarter in 1995.

Long term investment outflows included a $7 million increase in direct investment outflows for the quarter as a result of increased overseas business investment by residents. Portfolio investment also increased by $15 million.

Other investment, representing loan repayments and real estate purchases outside of the Island, rose $5 million.

Long term investment inflows included direct investment of an additional $9 million through investment in local subsidiaries by overseas companies.

Portfolio investment inflows fell $6 million, offset to some extent by a $3-million rise in the value of purchases of local real estate by non-residents.

The net short term investment inflow of $20 million was attributable to transactions shown on the aggregate balance sheets of Bermuda's banks and the BMA.