The Exchequer ran a deficit of just €62 million last year, according to new figures this afternoon.

The loss for 2015 compares to a deficit of over €8 billion a year earlier.

The improved performance comes after tax revenue for 2015 was over €3.3 billion higher than expected.

Corporation tax accounted for over €2.3 billion of extra revenue, although every single tax category produced more cash than expected.

State spending is was up 3 per cent last year, while the country spent nearly €7 billion paying interest on its national debt.

When one-off transactions are taken out, the deficit stood at around €3.4 billion - meaning the deficit is 1.5% of GDP, barely half of the EU limit set down by the EU under the bailout deal.

Public expenditure minister Brendan Howlin said the positive outcome could not have been expected: