The Washington Post

The Vatican blames market decline for $20 million deficit

VATICAN CITY — The Vatican posted a record loss of $19 million (15 million euros) in 2011, its worst deficit in more than a decade.

Vatican officials blamed the loss on the “negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget,” in an announcement on Thursday (July 5).

The Holy See’s budget benefited from a $61 million (49 million euros) contribution from the Institute for the Works of Religion, the Vatican Bank. But this was offset by growing expenses, especially for personnel and for the Vatican media network, which includes Vatican Radio and the semiofficial newspaper L’Osservatore Romano. Vatican media operations registered a loss of $22 million.

Despite the Holy See’s negative results, the Vatican City State, which is a separate administration, posted a $27 million surplus last year. The budget of the world’s smallest state was boosted by booming revenues at the Vatican Museums, which jumped to $112 million last year from $101 million in 2010. In total, more than five million people visited the Sistine Chapel and the museums’ other masterpieces in 2011.

The Vatican also posted a slight increase for Peter’s Pence donations, which are used by the pope for charitable works. They went up from $68 million in 2010 to $70 million last year.

Copyright: For copyright information, please check with the distributor of this item, Religion News Service LLC.

Comments
Show Comments
0 Comments
Washington Post Subscriptions

Get 2 months of digital access to The Washington Post for just 99¢.

A limited time offer for Apple Pay users.

Buy with
Cancel anytime

$9.99/month after the two month trial period. Sales tax may apply.
By subscribing you agree to our Terms of Service, Digital Products Terms of Sale & Privacy Policy.

Get 2 months of digital access to The Washington Post for just 99¢.

Sign up for email updates from the "Confronting the Caliphate" series.

You have signed up for the "Confronting the Caliphate" series.

Thank you for signing up
You'll receive e-mail when new stories are published in this series.
Most Read

national

religion

Success! Check your inbox for details.

See all newsletters

Close video player
Now Playing
Read content from allstate
Content from Allstate This content is paid for by an advertiser and published by WP BrandStudio. The Washington Post newsroom was not involved in the creation of this content. Learn more about WP BrandStudio.
We went to the source. Here’s what matters to millennials.
A state-by-state look at where Generation Y stands on the big issues.