The deficit of the Spanish central government stood at 3.92 percent of GDP in October, the Minister of Finance and Public Administrations Cristobal Montoro said on Wednesday.

Spain is "on track" to meet the 2012 deficit target for the central government, which is 4.5 percent of GDP, because the deficit is fulfilling government predictions, Montoro said.

The data does not take loans to other administrations and tax refunds into account and the deficit was 3.93 percent of GDP in September.

The country's overall deficit target is 6.3 percent of GDP in 2012.

Montoro pointed out that the fight against tax fraud had contributed to reducing the fiscal deficit.

"We have to fight against fiscal fraud at all levels of society," he said.

Earlier on Wednesday, the Bank of Spain Governor Luis Maria Linde said that the Spanish economy had not experienced any improvement in employment or economic growth.

The central bank governor defended the structural measures adopted by the government of Mariano Rajoy, but pointed out that due to their structural nature, the effects would not be seen in the short term.