Vatican City Revenue 350 Billion Won This Year... 60 Billion Won Deficit Expected Due to COVID-19
"Economic Crisis Due to COVID-19 Deals Major Blow to Finances"
The Vatican is expected to record a deficit of over 60 billion won this year due to the ongoing COVID-19 pandemic.
According to the Vatican's disclosure on the 19th (local time), this year's revenue is projected at 260.4 million euros (approximately 349.2 billion won), while expenditures are 310.1 million euros (approximately 415.8 billion won), resulting in an anticipated deficit of 49.7 million euros (approximately 66.6 billion won).
The Vatican stated, "The economic crisis caused by the COVID-19 pandemic is dealing a severe blow to our finances."
Operating income from commercial, service, and real estate investment activities this year is expected to decrease by 21% (48 million euros, approximately 64.3 billion won) compared to 2019, before the outbreak of COVID-19.
With the inclusion of the "Peter's Pence," a fund raised through donations from believers worldwide, in the Vatican's finances for the first time, the apparent deficit has somewhat decreased.
This year's income from Peter's Pence is expected to be 47.3 million euros (approximately 63.4 billion won), with expenditures from donations at 17 million euros (approximately 22.8 billion won), leaving a surplus of 30.3 million euros (approximately 40.6 billion won). Without Peter's Pence, the deficit would surge to 80 million euros (approximately 107.2 billion won).
The inclusion of Peter's Pence as part of the Vatican's finances is analyzed to reflect Pope Francis's intention to manage the fund transparently. Until now, Peter's Pence had been outside the oversight of financial supervisory bodies, leading to many criticisms that it was being wasted inappropriately without the Pope's knowledge.
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Meanwhile, AFP reported that the Vatican expects to record a deficit of 90 million euros (approximately 120.7 billion won) last year due to a sharp decline in global donation collections and operating income.
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