GDP growth pushes deficit close to the limit

Ireland’s deficit fell at an impressive rate at the tail end of last year, with the final quarter deficit just above the EU-imposed limit the Government will have to reach by the end of 2015.

The general government deficit for the fourth quarter of last year — which measures the difference between what the country takes in and its expenditure — stood at €1.46bn.

This equates to a deficit of 3.1% of GDP — just above the 3% level enshrined in Irish law that the Government will have to reach by the close of the year.