The Irish debt is now more than twice as big as the total gross domestic product, according to the Irish central bank.
It is also the highest in the G7.
But despite the increase in debt, the Irish economy has managed to grow at an annual rate of 3.2 per cent in the first nine months of the year.
That compares with an annual growth rate of 1.7 per cent for the UK and 1.6 per cent of Germany.
“The main driver of our recovery is an improving labour market,” said the head of the National Bank of Ireland, Patrick Honohan.
“We have now surpassed our pre-crisis peak.”
The National Accounts show that the economy grew by an annual average of 1 per cent between 2011 and 2015.
The unemployment rate was 7.5 per cent, down from 11.1 per cent a decade earlier.
Ireland’s economy is expected to grow by about 2 per cent this year and by 3 per cent next year.
However, it is forecast to shrink by 3.7 percent this year.
The country’s economy was worth around €100 billion in 2015, a little more than half of what it was worth in 2007.
Inflation is also rising.
The cost of living is increasing at a rate of 2.6 percent.
It will have been better for Ireland if it had never gone into recession.
But Mr Honohan said Ireland had not been hit hard by the crisis.
“It’s an economic recovery that has been slow to take hold and which has taken longer than other countries in Europe,” he said.
“There is a strong and strong recovery in the manufacturing sector, but there has been a lot of under-utilisation of that sector and a lot less investment.”