(a) Revenue Deficit: A revenue deficit occurs when the net income generated (revenues less expenditures), falls short of the projected net income. This happens when the actual amount of revenue received and/or the actual amount of expenditures do not correspond with budgeted revenue and expenditure figure.
(b) Fiscal Deficit: A fiscal deficit occurs when a government's total expenditures exceed the revenue that it generates, excluding money from borrowings. Deficit differs from debt, which is an accumulation of yearly deficits.
(c) Primary Deficit: The deficit can be measured with or without including the interest paid on the debt as expenditures. The primary deficit is defined as the difference between current government's spending on goods and services and total current revenue from all types of taxes.