Local bank deposits reached a record €9 billion at the end of last year, marking a 10 per cent increase over the previous year, the government said, quoting Central Bank figures.

This meant that, last year, Maltese families saved €831 million more than in 2013, the government said.

This increase took place in a year when consumption increased. Imports of consumables reached almost €1.1 billion, a six per cent rise over 2012. And according to Eurostat, in 2014 retail trade was up 4.4 per cent from the previous year when the eurozone average growth was of 2.7 per cent.

The government said the Central Bank figures on deposits contradicted the Opposition’s claim that families were struggling financially.

The government also pointed to measures such as reduced electricity and water tariffs, reduced fuel prices, decreased income tax rates and free childcare.