The Vatican recorded a $5.2 million deficit for 2009 as investment in communication and building upgrades offset revenues from donations.
The third consecutive deficit was also attributed to a decline in the property market and the global stock market, where the Vatican has significant investment in bonds and shares.
The negative result — $314.7 million in revenue against $319.9 million in expenses — came despite an increase in donations from Roman Catholics worldwide.
The faithful in the U.S., Italy and France were listed as the most prominent donors, with South Korea and Japan also making significant contributions.
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