Deficit falls to lowest in five years

IRELAND managed to cut its annual current account deficit by €4.6 billion last year – making the €4.81bn deficit the lowest for five years.

The latest balance ofinternational paymentsfigures from the CSO, which measure the flow of income in and out of the economy, showed that the fourth quarter of last year saw a deficit of €166 million. This was down from €902m in the previous quarter and €334m in the final quarter of 2008. That year, the total annual deficit stood at €9.43bn.

The last time Ireland showed a current account surplus was in 1999, when a profit of €226m was measured.