Vatican City, Jul 5, 2012 / 10:23 am
The Holy See announced a loss of $18.7 million for 2011 – a sharp contrast to a surplus of $14 million the year before.
"The most significant items of expenditure were those relative to personnel – who as of 31 December 2011 numbered 2,832 – and to the communications media considered as a whole," said a June 5 Vatican statement.
"The result was affected by the negative trend of global financial markets, which made it impossible to achieve the goals laid down in the budget."
The annual results were published by the Council of Cardinals for the Study of Organizational and Financial Problems of the Holy See, which met July 3 – 4 in Rome under the presidency of the Vatican's Secretary of State, Cardinal Tarcisio Bertone.