Portugal’s public deficit fell significantly in the first seven months of 2015, the country’s Finance Ministry said on Tuesday.

The aggregate deficit stood at around 5.37 billion euros (US$6.20 billion) by July, down by 473.6 million euros as compared to the prior-year period, the Ministry stated.

Portugal’s tax revenue amounted to almost 20.9 billion euros in the January to July period, up 4.9 percent in year-on-year terms.

The Portuguese Government forecasts the public deficit for full 2015 will be 2.7 percent of gross domestic product.

Portugal emerged from recession during 2013, and exited in May 2014 a three-year bailout programme organised by the European Union and the International Monetary Fund.