There has been a surprise change in Queensland's Budget position, with the 2008-09 year ending in surplus.

The State Government had been predicting that last financial year would end with a $574 million deficit.

But Treasurer Andrew Fraser has told Parliament the surplus is $35 million.

He says that is mainly because of some technical additions to the bottom line and has not been driven by a sudden turnaround in revenue.

The economy grew by 0.8 per cent last year in an improvement on the 0.5 per cent growth predicted in the Budget.

Mr Fraser told the House the two reports "lay out in black and white the carnage visited upon us by the global financial crisis".

"There can be no denying the fact that the nation-leading building program locked in by this Government helped the Queensland economy stay above the line," he said.

"[However] Mr Speaker, [while] it's important to emphasise that this surplus result is a substantial improvement - and a welcome one - it is does not mean that Queensland has defeated the global recession and victory can be declared."

But Opposition treasury spokesman Tim Nicholls says the figures also show growing debt.

"Today's tabled report on state finances shows that Labor has delivered the worst net debt position since figures have been kept in Queensland," he said.

"Will the Treasurer now admit that debt is in Labor's DNA."

Queensland Council of Unions (QCU) spokesman Ron Monaghan says the surplus should put the Government's privatisation plan in question.

"On my calculations that's a $600 million turnaround in less than six months," he said.

"I think this shows that the Government should rethink asset sales.

"I believe that the times that asset sales were thought about were different.

"These figures are proving that. It doesn't mean that we're out of the woods, but it does show that times are changing and that plans laid only six to nine months ago should be revised and looked at in the light of those figures."