Surpass cuts in economy initially repeated (7)
I believe the answer is:
eclipse
'surpass' is the definition.
(eclipsing is a kind of surpassing)
'cuts in economy initially repeated' is the wordplay.
'cuts' becomes 'clips' (clip is a kind of cut).
'in' means one lot of letters goes inside another.
'initially' suggests taking the first letters.
'repeated' says to double the letters.
The first letter of 'economy' is 'e'.
'e' duplicated is 'ee'.
'clips' put into 'ee' is 'ECLIPSE'.
(Other definitions for eclipse that I've seen before include "Overshadow, obscure" , "Throw into shade, like a heavenly body" , "concealment" , "Surpass, outshine" , "Cut out" .)