New figures from the Central Statistics Office (CSO) show Irish disposable household income has increased by 3.9%.
While household debt was just under 1.5 times income in 2016 - continuing down from more than twice income in 2009.
But the annual figures also show day-to-day personal spending has increased as the saving ratio declined slightly to 6.6%.
The saving ratio is saving divided by income. Saving is defined by the CSO as "the money that people have left after day-to-day spending."
The Irish saving ratio is below the EU average of 10.3%.
People used saving mainly:
- to pay off loans (household debt to income is down to 147% in 2016 from 212% in 2009)
to increase deposits in the bank (up €3bn for households in the year)
to buy new houses (investment up 16% in 2016)
The statistics also show that both average pay and numbers in work increased.
The CSO says just 50 companies are responsible for 30% of Ireland's GDP.
It says large multi-nationals located here had gross profits of €78bn, paid €4bn to their employees and €3bn in tax in 2016.
Looking at these corporations separately, the CSO says they grew their gross profits by 8% since 2015.
Commenting on the results, senior CSO statistician Michael Connolly said: "This data shows that a lot of the volatility in the economy is due to multi-nationals located here.
"Once they are separated out we see more stable growth in the purely domestic economy."
The financial sector continued to expand in 2016, with €4.8 trillion in loans, bonds and other financial assets.
For scale, mortgages and other loans to Irish households all together are just 3% of that €4.8 trillion.
Read the full report here