Bermuda's balance of payments recorded a surplus on current account of $174 million, a gain of 29 percent over 1996, according to the latest statistics released by the Bermuda Monetary Authority (BMA).

Current account payments added up to $1,397 million in 1997, a gain of eight percent over 1996, while 1997 receipts were $1,571 million, a gain of about ten percent over 1996.

Construction industry imports and investment income outflows contributed to the increases on the payment side of the ledger. Increased inflows from Bermuda's international sector, from investment income and from tourism contributed to the increases in receipts and were responsible for the balance of payment surplus on current account.

The international sector had a $699 million surplus balance of payments, while tourism registered an $84 million surplus in 1997. The investment income category registered a $84 million balance of payment surplus.

Total receipts from international business, as reflected under the category of professional, managerial, and technical services, totalled $750 million in 1997 a gain of 19 percent over 1996.

Tourism brought in $479 million in 1997, an increase of $4 million over 1996.

Meanwhile, residents spent $210 million on travel in 1997 an increase of $6 million over 1996.

Investment income payments totalled $20 million in fourth quarter 1997, $10 million more than fourth quarter 1996. The BMA attributed the increase mainly to interest payments to non-resident creditors. Payments in the investment income category added up to $74 million in 1997, a gain of 14 percent over 1996.

Investment income receipts added up to $84 million in 1997, a gain of 27 percent over 1996 reflecting continuing increases in the amount of overseas investments held by residents and higher earnings by financial institutions.

In the fourth quarter 1997 Bermuda registered a $12 million surplus, a decrease of $6 million or 33 percent compared with fourth quarter 1996.

Imports in the merchandise account were valued at $157 million during the fourth quarter 1997, a $28 million increase over the 1996 quarter. The BMA attributed the increase to the continued import of materials required by the construction industry.

For the 1997 year Bermuda imported merchandise worth $617 million, a gain of eight percent over 1996.

Other statistics compiled by the BMA show that: The Bermuda money supply grew 4.85 percent in 1997 to $2,095 million; During the year 1,156 exempted companies were approved for registration, an increase of 15 percent over the number of applications approved in 1996; A total of 53 exempted partnerships, four more than in 1996, and nine overseas permit partnerships, five more than in 1996, were approved; A total of 59 overseas permit companies, one more than in 1996, were approved in 1997; A total of 205 local companies were approved in 1997, 17 more than in 1996.

Overall 1,504 companies were approved for registration in 1997, an increase of 174 over 1996 approvals; Bermuda had 991 collective investment schemes, which includes mutual funds and unit trusts, registered at end of fourth quarter 1997, 23 more than at the end of 1996. The schemes total net asset value was $20.40 billion, a gain of about 12 percent over 1996 figures.

BUSINESS BUC