Vatican closes 2020 with shortfall, but better than forecast

The Vatican closed out 2020 with a deficit of 66.3 million euros ($78 million), which was better than projected and even lower than pre-pandemic 2019

VATICAN CITY -- The Vatican closed out 2020 with a deficit of 66.3 million euros ($78 million), which was better than projected and even lower than pre-pandemic 2019, according to figures released Saturday. The Vatican’s economy minister, the Rev. Juan Antonio Guerrero Alves, credited lower spending and a milder-than-expected drop in revenues for the results. The shortfall was narrower than the range forecast by the Vatican, which was between 68 million euros and 146 million euros. It was also lower than the 79.2-million-euro deficit recorded in 2019. Guerrero said the Vatican cut expenses in the face of the pandemic, focusing on essentials like salaries, aid to churches in difficulty and the poor. To save money, the Vatican reduced travel and events spending by three-quarters, postponed maintenance and cut back on consultancy services, while Vatican diplomats tightened their belts. Taxes remained a constant 18.8 million euros.