Austria achieves first budget surplus since 1974

VIENNA, March 28 (Xinhua) -- Austria has achieved budget surplus for the first time since 1974 last year thanks to increased tax revenues resulting from booming economy, Statistics Austria revealed in a new report on Thursday.

The surplus is equal to 426 million euros (478 million U.S. dollars), or 0.1 percent of gross domestic product (GDP).

It cames after a deficit of 0.8 percent of GDP was seen in 2017, amounting to 2.8 billion euros (3.1 billion U.S. dollars).

Total government revenues increased by a strong 8.6 billion euros (9.7 billion U.S. dollars) or 4.8 percent to reach 187.6 billion euros (210.8 billion U.S. dollars), of which 87.7 percent came from taxes and other social contributions.

Positive trends in the employment rate made a significant contribution here, the statistics office said, along with low interest rates and spending restraint.