Issue link: https://maltatoday.uberflip.com/i/1505323
3 maltatoday | WEDNESDAY • 9 AUGUST 2023 NEWS Catholic church in Malta registers €9 million deficit in 2022 KURT SANSONE THE Catholic church in Malta registered a net deficit of €8.8 million in 2022, reversing a sur- plus of €3.4 million recorded the previous year. A significant contribution to the deficit (€5.2 million) was due to losses from investments that were impacted by high infla- tion, rising interest rates and the Ukraine war. The accounts for the Archdio- cese of Malta were published on Tuesday with Curia Administra- tive Secretary Michael Pace Ross describing 2022 as "a tumultu- ous year for investments". The church's investment in- come is primarily derived from dividends it receives as the larg- est shareholder of APS Bank. In 2022, APS Bank issued shares to the public, which saw the Arch- diocese's stake drop from 80% to 55%. The accounts show that the Archdiocese received €8.4 mil- lion in income from invest- ments, including €5.2 million in dividends from APS Bank. In- vestment income accounted for 16% of all income. Pace Ross said the Archdiocese will gradually over time further reduce its shareholding in APS. "The church has been investing in the bank for 110 years but it does not have the capital to continue financing the bank's growth, which is why over time it will further reduce its share- holding in favour of smaller shareholders willing to invest in the bank," he said. The Archdiocese comprises 100 entities, including 55 par- ishes run by diocesan priests, the Metropolitan Chapter, and homes for children and the el- derly. Pace Ross said operating in- come increased by €1.6 million, partly attributable to higher do- nations as pandemic restrictions were lifted. Church collections and do- nations received by parishes increased by 17% as Mass at- tendance grew again and feasts returned after COVID restric- tions were lifted. Fees and income from resi- dents declined by 19% due to the closure of one home for the elderly and others not operat- ing at full capacity. Church dues increased by 15% as a result of more marriages last year when compared to 2021. Government funding at €18.7 million accounted for 36% of the Archdiocese's income, which primarily covers teachers' sala- ries in church schools. Expenditure up Pace Ross said expenditure in- creased to €55.8 million last year from €48.5 million a year earlier. Remuneration to priests and lay persons at €33.6 million ac- counted for 60% of all expend- iture. The Archdiocese em- ploys 1,095 full-timers and 207 part-timers. The Archdiocese paid €2.5 mil- lion in taxes in 2022. The Archbishop's Curia in par- ticular registered a net deficit of €2 million, a slight improvement over the €2.3 million deficit reg- istered in 2021. Pace Ross said the Curia forked out €900,000 for the papal vis- it and subsidised its media arm with €300,000. Curia Administrative Secretary Michael Pace Ross (centre) presenting the church's financial statements for 2022 (Photo: James Bianchi/MaltaToday) IN March 2023, registered full-time employ- ment increased by 8.4 per cent, while part- time employment as a primary job increased by 3.6 per cent when compared to March 2022. Administrative data provided by Jobsplus show that, over a period of one year, the labour supply (excluding part-timers) in- creased by 8.4 per cent, reaching 268,983. This was mainly attributed to a year-on- year increase in the full-time registered employment (20,773) and registered un- employment (5). Registered full-time employment During March 2023, Administrative and support service activities (NACE 77- 82, 3,980) and Accommodation and food service activities (NACE 55-56, 3,540) contributed mostly to the increase in em- ployment, when compared to March 2022. Registered full-time employment in the private sector went up by 20,888 persons to 216,982. Public sector full-time employ- ment decreased by 115 persons to 50,988. The number of persons registered as full- time self-employed rose by 651 when com- pared to March 2022, while the number of persons registered as employees increased by 20,122. Full-time employment for males and females went up by 8.9 per cent and 7.7 per cent, respectively over 2022 levels. Registered part-time employment Registered part-time employment in March 2023 increased by 6.7 per cent when compared to the corresponding month in 2022. The sectors that contributed to the overall increase were Professional, scien- tific and technical activities (NACE 69-75, 871) followed by Transportation and stor- age sector (NACE 49-53, 739). The number of part-timers who also held a full-time job amounted to 39,538 up by 9.4 per cent, when compared to the cor- responding month in 2022. Employed per- sons whose part-time job was their prima- ry occupation totalled 33,227 up by 3.6 per cent when compared to the same month in 2022. Registered full-time employment up 8.4 per cent in March 2023