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Vatican finances show deficit for 2008

July 06, 2009

The Vatican's financial accounts for 2008 show a deficit of €911,514 (about $1.27 million) for the operations of the Holy See, and a €15 million ($20.8 million) deficit for the Vatican city-state. For the Holy See, expenses of €255,953,869 outstripped revenues of €254,865,383.

Archbishop Velasio De Paolis, the president of the Prefecture for the Economic Affairs, presented a full economic report to a panel of cardinals at meetings in Rome on July 1-3. The report shows that the worldwide Peter's Pence collection drew in €54,387,714 ($75.72 million) during the year 2008.

There was a record number of donations to the Peter's Pence collection, but the worldwide economic slump pressed down the total value of those gifts.

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