Figures released by the Central Statistics Office (CSO) show that Ireland's deficit fell to 3.1 percent of GDP in the final quarter of 2014 - the current deficit is €1.46bn.

The deficit is down from 5.3 percent at the end of 2013 - the year saw Ireland become the fastest growing economy in the EU.

This brings Ireland's deficit below the EU-target of less than 5.1 percent.

General government gross debt has fallen to 109 percent of GDP. Ireland's finances have been improved by the early repaying of costly IMF loans.

Revenue increased by over 6 percent, growing to €65bn - expenditure increased by 1.7 percent, growing from €71bn to €72.3bn.

At the height of Ireland's economic crisis Ireland's deficit was more than 13 percent of Ireland's economic output.