Word

deficit

noun C1

UK /ˈdɛfɪsɪt/

US /ˈdɛfəsɪt/

Meanings

noun

the amount by which spending is greater than income; the opposite of a surplus

noun

a lack or shortage of something needed, such as skills, time, or resources

Definition

A deficit is the amount by which something is less than what is needed or expected, especially when spending exceeds income.

A deficit is a shortfall between what you have and what you need, or between what you expected and what actually exists. It is often used for budgets, where costs are higher than revenue. It can also describe a lack in a particular area, such as skills, time, or information.

Examples

The city ended the year with a deficit after unexpected repair costs exceeded its revenue.
I noticed a clear deficit in my data, so I postponed the report until I could verify the missing figures.
They argued that the training programme should address the skills deficit across the department.
She explained the budget deficit to the committee and outlined realistic options for reducing it.

Common mistake

Learners often confuse deficit with debt: a deficit is a shortfall within a period, while debt is the total amount owed over time.