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English definition of “deficit”

deficit

noun [C]
 
 
/ˈdefɪsɪt/
ECONOMICS, FINANCE the total amount by which money spent by a business or government is more than the money it receives: a deficit of £10 million/$1 billion, etc. The two companies between them have reported a deficit of nearly $14bn.have/run/show a deficit About a third of the nation's non-profit arts presenters run a large deficit each year, according to Charity Navigator. reduce/cut a deficit federal/government/public deficit The US balance of payments deficit was running at over 4% of gross domestic product.
the amount by which something, especially an amount of money, is smaller than it should be: a pension/pension fund deficita deficit in sth The company reported that an estimated $31.5 million deficit in this year's operating budget would end up at about $20 million as a result of savings. There is a deficit of trust between the customer and the banks, which yesterday's headline figure will do little to dispel. → Compare surplus
in deficit used to describe a situation when a business or country has spent more money than it has received, or an amount of money is smaller than it should be: At the time, the Federal Budget was expected to remain in deficit until at least Fiscal 2011. At their last valuation, almost all council pension funds were in deficit.
→ See also budget deficit, current account deficit, external deficit, trade deficit
(Definition of deficit from the Cambridge Business English Dictionary © Cambridge University Press)
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