Vatican records US$1.26m deficit

Source: Agencies | July 6, 2009, Monday |

Print Edition

THE Vatican said over the weekend it ran a deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.

The Vatican posted a budget deficit for a second straight year, though the figures improved strongly from 2007. The Holy See's 2008 deficit was around 0.9 million euros (US$1.26 million), compared with a loss of 9.06 million euros a year earlier.

The financial report released over the weekend by the Holy See's press office listed revenues of 253.9 million euros and expenses for 254.8 million euros.

Most of expenses went to support the activities of Pope Benedict XVI and the Holy See's offices, the report said.

It said the separate administration of the Vatican City state was particularly hit by the economic crisis. High costs to restore the Vatican's cultural treasures and ensure security left the tiny state with a 15.3 million euro deficit, after closing 2007 with a 6.7 million euro gain.

Economy

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Vatican records US$1.26m deficit

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