Lisbon, Aug 26 (IANS): Portugal's public deficit has decreased significantly in July compared to the same period last year, authorities said.

The deficit stood at around 537.4 million euros ($546.1 million) in July, falling by 473.6 million euros ($546.1 million) over that registered a year ago, Xinhua news agency quoted Portuguese's finance ministry as saying on Tuesday.

The ministry also revealed that the country saw tax revenue amount to over 20.9 billion euros ($24.1 billion) 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) bailout with international creditors in 2011 when it was on the verge of bankruptcy.

Portuguese Prime Minister Pedro Passos Coelho faces general elections on October 4.