The Vatican concluded the year of the pandemic with a loss of about $78.2 million.
The Prefect of the Secretariat of the Economy, Juan Antonio Guerrero, says the Vatican managed to avoid a worse outcome thanks to spending cuts in every department.
The Vatican published its finances in this detailed document.
In 2020 the Holy See spent about $372 million, mostly on communications, aid to countries in need, and its embassies.
Income was much lower, about $293 million. Because the Vatican doesn't have any industries, it depends primarily on donations, income from the Vatican Museums and revenue from its investments and real estate holdings.
The difference this year is that it presented this report with a large amount of data on those holdings and investments.
These are managed by the department known as APSA, for the Administration of the Patrimony of the Apostolic See.
In the report, the Vatican explains that it has 1,200 real estate holdings in France, the United Kingdom and Switzerland, and another 4,000 in Italy.
Most of its properties and funds come from compensation accorded to the Holy See by the Lateran Pact of 1929, as reparation for the expropriations following the dissolution of the Papal States.
Of the properties it owns in Italy, only 15% are for rent at market value. The rest are assigned or rented at a favorable price. 40% are hospitals, schools and convents.
The rental income in 2020 has been about $3.9 million.
The Vatican is committed to non-speculative and particularly safe investments. For this reason, it has managed financial investments in state and fixed-term securities worth $2 billion, which have generated profits of around $18 million, according to the report.
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TR: CT
