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deficit

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noun [countable] British English pronunciation: deficit /ˈdefəsɪt/ 
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singulardeficit
pluraldeficits

Related dictionary definitions

  1. 1
    economics the difference between the amount of money or goods that a country or business has and the amount that it has spent or that it owes

    the budget deficit

    deficit of:

    a country with trade deficits of £90 billion

  2. 2
    formal a lack of a quality, skill, or ability that you should have

    Critics of the European Union accuse it of suffering from a democratic deficit.

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