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The Vatican Ends 2020 With A Shortfall But It Is Better Than Expected

According to numbers released Saturday, the Vatican ended 2020 with a deficit of 66.3 million euros ($78 million), which was better than expected and even lower than pre-pandemic 2019.
The Rev. John Paul II, the Vatican’s Economy Minister,
The results were attributed to lesser spending and a milder-than-expected drop in sales, according to Juan Antonio Guerrero Alves.
The gap was less than the Vatican had predicted, which was between 68 million and 146 million euros.
That was also smaller than the 2019 deficit of 79.2 million euros.
In the face of the pandemic, Guerrero said the Vatican trimmed costs, focusing on fundamentals like salaries, aid to struggling parishes, and the impoverished.
The Vatican curtailed travel and events spending by three-quarters, postponed maintenance, and reduced consultant services to save money, while Vatican officials tightened their belts.
Taxes remained at the same level of 18.8 million euros.
Revenues were just 5% below the pre-pandemic forecast of 269 million euros.
“We’ll see if this trend continues in 2021,” Guerrero told Vatican reporters.
The total amount donated increased marginally to 56.2 million euros ($66 million).
Notwithstanding this, Guerrero highlighted that Peters Pence donations, which are collected at Mass once a year, declined 18% in 2020.
They are promoted as a tangible means to assist the Pope in his charitable endeavors, but they are also used to manage the Holy See’s bureaucracy.
Due to the pandemic, many churches held virtual Masses in 2020.

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