The deficit for the just-completed 2014 budget year was $483 billion, the lowest of President Barack Obama’s six years in office, the U.S. Treasury reported Wednesday.

It’s the lowest since 2008 and, when measured against the size of the economy, is below the average deficits of the past 40 years. The deficit equaled 2.8 percent of gross domestic product, which is the economy’s total output of goods and services.

By comparison, the deficit for 2013 was $680 billion, or 4.1 percent of GDP.

Story compiled from The Associated Press.