Portugal's public deficit decreased significantly in July compared to the same period last year, the Portuguese Finance Ministry said in a statement Tuesday.

The deficit stood at around 537.4 million euros (546.1 million U.S. dollars) in July, falling by 473.6 million euros (546.1 million dollars) over that registered a year ago, the statement said.

The Finance Ministry also revealed that the country saw tax revenue amount to over 20.9 billion euros (24.1 billion dollars) in July, almost 4.9 percent higher than the same period in 2014.

The Socialist Party, the main opposition, said the state budget data was a "propaganda stunt," adding that budgetary consolidation was being undertaken at the cost of families and companies.

The Portuguese economy is gradually improving since the country signed a 78-billion-euro (89.9-billion-dollar) bailout with international creditors in 2011 when it was on the verge of bankruptcy.

Portuguese Prime Minister Pedro Passos Coelho faces general elections on Oct. 4. The center-right ruling coalition expects the deficit to be 2.7 percent of the gross domestic product (GDP) at the end of the year.