Madrid, Jul 28 (EFE).- Spain posted a budget deficit of 29.76 billion euros ($38.39 billion) in the first half of this year, a figure that was equivalent to 2.83 percent of the gross domestic product and down 24.7 percent from the same period last year, Secretary of State for Finance Carlos Ocaña said Wednesday.

Revenues totaled 56.75 billion euros ($73.21 billion) during the January-June period, or 22.2 percent more than in the same period in 2009, while spending came in at 86.51 billion euros ($111.61 billion), up 0.60 percent.

Tax revenues, which accounted for 91.7 percent of total revenues, continued on the upward trend that started in the first quarter, up 10.6 percent as of June.

The June figures confirm that the government is on track to hit its targets, thanks to fiscal consolidation measures and the stabilization of the economy, Ocaña said in a press conference.

The effects of the spending cuts implemented by the government in May have been small and will be felt in the third quarter, which is when most payments are made, Ocaña said.

The Spanish government approved a package of austerity measures to deal with the effects of the European financial crisis.

The government is cutting public sector pay, freezing pensions and slashing investment to reduce the budget deficit.