THURSDAY, JAN. 21: Bermuda's current account balance decreased by $383 million from September 2008 to September 2009.
The Department of Statistics released its figures today for the third quarter of 2009. According to the report, the current account stood at $159 million for the period. At the same time in 2008, the balance was $542 million.
The balance of payments report stated: "All major accounts experienced a deterioration in their balance compared to last year, with the income account recording the largest decline in its surplus balance."
Bermuda's income account balance dropped from $655 million in 2008 to $290 million in 2009.
Income receipts decreased by more than a third, mainly because of a $244 million drop in investment income.
The balance of payments and income from services decreased by a total of $9 million. Income from travel services dropped by $11 million because air arrivals declined by six per cent from September 2008 to September 2009.
Payments for imported goods increased by $2 million overall, with the greatest increases in food and finished equipment. Revenue from exports decrease by $2 million.
The balance of payments report provides information on Bermuda's economic transactions with the rest of the world.
The current account consists of income and expense transactions on goods, services and current transfers, for example imports to and exports from the island.
The difference between income and expenses determines whether the current account is in surplus or deficit.
