deficitdef·i·cit /ˈdefɪsɪt/ written abbreviation def noun [countableC]1COMMERCEan amount of money that a business has lost in a particular period of timeLast year the university ran up a deficit of £17 million, but this year it has nearly succeeded in balancing the books.
2ECONOMICS an amount by which the money that a government spends is more than it receives in tax in a particular periodThe budget did less to reduce public spending and the deficit than many bankers and businessmen would have liked.
The balance of payments was in deficit in 2000 and 2001, and in surplus in 2002 and 2003.
→ balance of payments deficit → budget deficit → current account deficit → federal deficit → trade deficit