VATICAN CITY: The Vatican reports that it closed out 2020 with a deficit of $78 million, which was better than expected and lower than pre-pandemic 2019.
In a report released Saturday, the Vatican's economy minister, the Rev. Juan Antonio Guerrero Alves, noted that a reduction in spending and greater revenues were responsible for the reduced losses.
The shortfall was less than forecast by the Vatican, which was between 68 million to 146 million euros. It was also lower than the 79.2 million-euro deficit in 2019.
Guerrero added that the Vatican reduced expenses during the pandemic, focusing on essentials such as salaries, aid to churches in difficulty and the poor.
To save even more money, the Vatican cut travel and events spending by three-quarters, postponed maintenance and reduced spending on consultancy services.
Of note, revenues fell only 5 percent than the pre-pandemic projection of 269 million euros.