Portugal swung to a budget surplus of 0.1% of gross domestic product in the 12 months ended in March from a deficit of 0.4% a year ago, with high inflation and stronger than expected economic growth boosting revenues, official data showed on Friday.

The National Statistics Institute said the budget surplus came thanks to a 9.8% increase in revenues, while public expenditure only grew by 5.6%.

In 2022 as a whole, Portugal posted a deficit of 0.4% of GDP and the government expects it to remain at that same level in 2023, while the Bank of Portugal sees it falling to 0.1%.

(Reporting by Sergio Goncalves and Patricia Vicente Rua; Editing by David Latona)