01/06/2012 02:24 EST | Updated 03/07/2012 05:12 EST

Newfoundland records $598-million surplus in 2010-2011, contrary to forecast

ST. JOHN'S, N.L. - The government of Newfoundland and Labrador says it recorded a surplus in the 2010-2011 fiscal year, contrary to what it previously forecast.

The government released audited financial statements today showing the province had a surplus of $597.9 million — the fifth surplus in the past six fiscal years.

It originally budgeted for a deficit of $194.3 million.

Net debt also decreased by $94 million to $8.1 billion.

Finance Minister Tom Marshall says significant economic growth and higher revenues from the oil and mining industries contributed to the turnaround in its financial position.

The financial statements were audited by the provincial auditor general.