Vatican runs deficit amid economic crisis

VATICAN CITY — The Vatican ran a deficit in 2008 as its finances and donations from across the world were hit by the global economic crisis.

The Vatican posted a budget deficit for a second straight year. The Holy See's 2008 deficit was around euro0.9 million ($1.28 million), an improvement on last year's loss of euro9.06 million.

The financial report released Saturday by the Holy See's press office listed revenues of euro253.9 million and expenses for euro254.8 million.

The report said the administration of the Vatican City state was particularly hit by the economic crisis. High costs to restore the Vatican's cultural treasures and ensure security left the tiny state with a euro15.3 million deficit, after closing 2007 with a euro6.7 million gain.