Holy See (Vatican City) Economy - 2021

GEOGRAPHICAL NAMES 

Economic overview

The Holy See is supported financially by a variety of sources, including investments, real estate income, and donations from Catholic individuals, dioceses, and institutions; these help fund the Roman Curia (Vatican bureaucracy), diplomatic missions, and media outlets. Moreover, an annual collection taken up in dioceses and from direct donations go to a non-budgetary fund, known as Peter's Pence, which is used directly by the pope for charity, disaster relief, and aid to churches in developing nations.

The separate Vatican City State budget includes the Vatican museums and post office and is supported financially by the sale of stamps, coins, medals, and tourist mementos as well as fees for admission to museums and publication sales. Revenues increased between 2010 and 2011 because of expanded operating hours and a growing number of visitors. However, the Holy See did not escape the financial difficulties experienced by other European countries; in 2012, it started a spending review to determine where to cut costs to reverse its 2011 budget deficit of $20 million. The Holy See generated a modest surplus in 2012 before recording a $32 million deficit in 2013, driven primarily by the decreasing value of gold. The incomes and living standards of lay workers are comparable to those of counterparts who work in the city of Rome so most public expenditures go to wages and other personnel costs;. In February 2014, Pope FRANCIS created the Secretariat of the Economy to oversee financial and administrative operations of the Holy See, part of a broader campaign to reform the Holy See’s finances.

Real GDP (purchasing power parity)

N/A

Industries

printing; production of coins, medals, postage stamps; mosaics, staff uniforms; worldwide banking and financial activities

Labor force

4,822 (2016)

Labor force - by occupation

note: essentially services with a small amount of industry; nearly all dignitaries, priests, nuns, guards, and the approximately 3,000 lay workers live outside the Vatican

Population below poverty line

N/A

Budget

revenues: 315 million (2013)

expenditures: 348 million (2013)

Taxes and other revenues

N/A

Budget surplus (+) or deficit (-)

N/A

Fiscal year

calendar year

Exchange rates

euros (EUR) per US dollar -

0.885 (2017 est.)

0.903 (2016 est.)

0.9214 (2015 est.)

0.885 (2014 est.)

0.7634 (2013 est.)

NOTE: The information regarding Holy See (Vatican City) on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Holy See (Vatican City) 2021 information contained here. All suggestions for corrections of any errors about Holy See (Vatican City) 2021 should be addressed to the CIA or the source cited on each page.