Holy See (Vatican City) Economy Profile

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.

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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