Economy_of_the_Vatican_City

Economy of Vatican City

Economy of Vatican City

Add article description

The economy of Vatican City is mainly supported financially by the sale of stamps, coins, medals, and tourist mementos as well as fees for admission to museums and publication sales. Vatican City employed 4,822 people in 2016.[1]

Not to be confused with Prefecture for the Economic Affairs of the Holy See or Institute for the Works of Religion.
Quick Facts Currency, Fiscal year ...
A souvenir shop on the roof of St. Peter's Basilica
An ATM in Vatican City with Latin instructions

The Vatican City receives subsidies from the Italian state, which include the water supply free of charge, tax exemptions and other kinds of dedicated public funding.

Vatican City issues its own coins and stamps. It has used the euro as its currency since 1 January 1999, owing to a special agreement with the European Union (council decision 1999/98). Euro coins and notes were introduced on 1 January 2002—the Vatican does not issue euro banknotes. Issuance of euro-denominated coins is strictly limited by treaty, though somewhat more than usual is allowed in a year in which there is a change in the papacy.[2] Because of their rarity, Vatican euro coins are highly sought by collectors.[3]

Key statistics

Budget
  • revenues: €770 million (2021)[4]
  • expenditures: €803 million (2021)
  • deficit: €33m (2021)
Industries

Printing and production of a small amount of mosaics and staff uniforms; worldwide banking and financial activities.[1]

Electricity – production

442 MWh (2010) from solar panels.[citation needed]

Electricity – imports

Electricity supplied by Italy.[citation needed]

Currency

Euro (since 2002). Vatican City depends on Italy for practical production of banknotes, stamps and other valuable titles.[citation needed] Owing to their rarity, Vatican euro coins are sought by collectors.[citation needed]

The fiscal year is the calendar year.[citation needed]

See also

Notes

  1. [1]
    "Europe :: Holy See (Vatican City) — The World Factbook - Central Intelligence Agency". www.cia.gov. Retrieved 2019-11-18.
  2. [2]
    "Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)". Activities of the European Union: Summaries of legislation. Retrieved 23 February 2007.
  3. [3]
    "Benedict Vatican euros set for release". Catholic News. 21 April 2006. Retrieved 25 September 2014.
  4. [4]
    "Vatican's 2022 "Mission Budget" shows deficit, but less than last year". international.la-croix.com. 2022-01-28. Retrieved 2023-05-17.

References
Share this article:

This article uses material from the Wikipedia article Economy_of_the_Vatican_City, and is written by contributors. Text is available under a CC BY-SA 4.0 International License; additional terms may apply. Images, videos and audio are available under their respective licenses.