The CSO said the percentage of disposable income saved by people rose from 1.7% in 2007 to 4.2% last year. Total disposable income for households grew by €4.4bn from 2007 to €91bn.
Government saving fell by €11.2bn, from a surplus of €6.4bn to a deficit of €4.7bn.
This was due to lower tax revenue and increased spending on social welfare.
Net lending, the difference between the amount lent and the amount borrowed, by financial institutions was €7.9bn, down from almost €8.5bn in 2007.
However, borrowing by the Government exceeded its lending by €13.9bn. Net borrowing by households fell sharply from €14.6bn to €5.2bn.
