Vatican hit by economic downturn

July 05, 2009 10:29:45 AM

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Pope Benedict XVI has not escaped the economic downturn, with donations hit by the global financial storm, official figures showed Saturday.

The Vatican City ended 2008 with a deficit of 15 million euros (21 million dollars) and had been affected "like other states, by the economic and financial crisis", a statement said.

Gifts from churches to the head of the Roman Catholic Church had gone down, particularly at the festivals of Saint Peter and Saint Paul, and came to around 54 million euros (76 million dollars), the Vatican said

This represented "a small drop due to the economic situation," it added. But the finances of the Holy See fared much better in the downturn.

The see registered a deficit of around 911,510 euros (1,275,000 dollars), much improved from the previous year's deficit of nine million euros (12.6 million dollars).

The Holy See is the episcopal jurisdiction of the pope, and the central authority of the Roman Catholic Church.
It is distinct from the Vatican City, which is a city state.

The biggest donations last year were made by American, Italian and German Catholics, and the countries with the highest number of contributors were South Korea and Japan.