Vatican foresees a 60 million-dollar deficit in 2021

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The pandemic has made its way into the Vatican's finances.

The Vatican calculates that this year its income will be 21 percent less than in 2019, about $58 million.

There are no taxes in the Vatican, which means its income depends above all on donations and real estate activity, both affected by Covid-19.

The latest complete statistics on the Vatican's accounts are from 2019.

That year income was at $372 million and spending at around $385 million.

In its budget for 2021, it calculates that income will be at $315.7 million and spending at $375.8 million, which would leave a deficit of about $60 million.

The deficit will be covered with reserve funds.

The new budget reflects a policy geared toward cost containment. The Vatican assures that operation expenses will be reduced by 14 percent compared to 2019, about $29 million.

According to the Vatican's report, a reduction in spending will not affect employment nor evangelization activities.

As far as how resources are divided, about 68 percent go toward apostolic activities; about 17 percent toward managing its patrimony; and about 15 percent toward administrative activities.

Though the budget published by the Vatican is not very detailed, it contains much more information than in the past.

Javier Romero

Translation: CT

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