Vatican Posts $19 Million Deficit, Worst In Years

By: Associated Press
By: Associated Press

VATICAN CITY (AP) -- The Vatican has registered a budget deficit of $19 million for 2011, blaming the poor outcome on high personnel and communications costs and adverse market conditions, particularly for its real estate holdings.

The Vatican city state, which mainly manages the Vatican Museums and is a separate and autonomous administration, managed a budget surplus, largely due to a spike in revenue from the museums.

The Vatican could also cheer that donations from the faithful were also up last year despite the global economic crisis.

Draining the Vatican's finances were the high costs for its main job of spreading the faith via Vatican media: Vatican Radio, the Vatican newspaper L'Osservatore Romano and Vatican television all have significant expenses and little or nothing in the way of revenue.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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