VATICAN CITY (AP) -- The Vatican has registered one of its worst deficits in years, plunging back into the red with a (EURO)15 million ($19 million) deficit in 2011 after a brief respite of profit.
The Vatican on Thursday blamed the poor outcome on high personnel and communications costs and adverse market conditions.
Not even a (EURO)50 million gift to the pope from the Vatican bank and increased donations from dioceses and religious orders could offset the expenses and poor investment returns.
The Vatican said it ran a (EURO)14.9 million deficit in 2011 after posting a profit of (EURO)9.85 million in 2010. The 2010 profit, however, was something of an anomaly. In 2009 the Vatican ran a deficit of (EURO)4.01 million, in 2008 the deficit was (EURO)0.9 million and in 2007 it was nearly (EURO)9.1 million.