New preliminary figures from the Central Statistics Office show that the savings of households, government and financial corporations' all rose last year. 

The CSO said that gross household saving increased by €1.472 billion to €12.92 billion in the year. 

Households' total disposable income also increased by 5.9% from €111.97 billion in 2018 to €118.55 billion last year, mainly due to higher wages.

The CSO said the derived saving ratio - savings as a percentage of total disposable income - increased from 10.2% in 2018 to 10.9% in 2019.

Today's CSO figures also show the Government's gross saving stood at €10.29 billion last year, up €2.87 billion on 2018. 

The CSO said the increase is largely explained by higher income and corporation taxes, which rose by 6%. Taxes on products and production like VAT also rose by 8%.