The Government recorded a deficit of €2.64bn (-2.6% of GDP) for the first half of 2015, compared with a €3.96bn deficit (-4.4% of GDP) for the same period last year.

The deficit for the first three months of the year was €2.34bn, while it fell to €299m between April and June.

The figures from the Central Statistics Office show that falling Government expenditure and an increase in revenues contributed to the fall, with increased revenue from taxes and social contributions being partially offset by reductions in other revenue categories.

Revenue for Q2 2015 stood at €16.92bn (an increase of €693m on the same period last year), while expenditure for Q2 stood at €17.22bn.

Meanwhile, Government debt fell to 102% of GDP by the end of the second quarter for 2015, leaving the amount of debt at €204bn.

This compares to a debt level of €203bn (104.7% of GDP) for the first three months of the year.

The CSO statistics represent a significant improvement on the level of debt compared to GDP over the past two years.

For Q1 in 2013 Government debt stood at €218bn, or 124% of GDP. Since then this figure has fallen by over 20% when compared to GDP.