Racing Queensland has declared a loss of $1.2 million for the past financial year but officials say the governing body has still had a major turnaround.

The RQ annual report was tabled in state parliament on Friday afternoon showed a parent company loss of $1.2 million with a consolidated loss of $3.2 million.

Board chairman Steve Wilson said the economic contribution of the sport was again significant at $1.2 billion per year.

He said while RQ recorded a loss it was a major turn around on the massive loss from the 2016 financial year.

"There has been a big turnaround versus the financial year ended 2016 going from a parent company loss in that year of $19.9 million to one of $1.2 million this past year while increasing payments to participants by $10.8 million," he said.

Wilson said overall annual wagering turnover on Queensland races was up 5.2 per cent -- thoroughbreds 1.7 per cent, greyhounds 17.1 per cent and harness 8.8 per cent.

He added a key challenge for thoroughbreds was the closure of Eagle Farm and its return was a high priority to ensure confidence.

Total wagering turnover was up 3.6 per cent to $5.7 billion and total wagering revenue was up to 3.8 per cent to $218.5 million.