Vatican City: The Vatican’s Secretariat for the Economy has released the Holy See’s Consolidated Financial Statements for 2024, revealing a rare and cautiously optimistic outcome: a surplus of €1.6 million, marking a dramatic turnaround from the €51.2 million deficit recorded in 2023. The report, made public on Wednesday, suggests the possibility of a long-awaited financial shift though Church authorities stress that true, stable sustainability will require consistent results in the years ahead.
In a year marked by global economic instability, the Holy See managed to cut its deficit by nearly half, reducing it from €83 million to €44 million. This improvement stems from a dual strategy: a strong uptick in revenue and disciplined spending. Revenues rose by €79 million, driven primarily by increased donations and more stable income from the Vatican’s hospital operations. At the same time, cost-containment measures helped absorb the effects of rising inflation and higher employment-related expenses.
A major highlight of 2024’s performance was the Vatican’s financial and investment management. The Holy See generated €46 million in positive net financial results, surpassing last year’s levels and providing a crucial buffer that compensated for operational losses. These gains were largely attributed to strategic capital appreciation achieved with the guidance of the Vatican’s Investment Committee, which helped unload long-held assets at favorable conditions.
If the Holy See’s hospitals are excluded, the Vatican’s operations close the year with a substantially larger surplus of €18.7 million. Yet the Secretariat for the Economy urges a careful reading of this figure. Much of the improvement relies on higher-than-usual donations and a significant one-off accounting effect generated by the sale of historic investments. Officials emphasize that such exceptional gains cannot be considered guaranteed and must be confirmed through stable performances over the next several years.
The financial report also examines how Vatican resources were used to advance the Church’s core mission worldwide. In 2024, €393.29 million excluding hospital expenditures was allocated to the Apostolic Mission and Pontifical Funds, distributed across various dicasteries and institutions that support the global Church.
According to the Secretariat, 83% of these funds were concentrated in five priority sectors that reflect the heart of the Pope’s mission.
The largest portion 37% (€146.40 million) was dedicated to assisting local Churches facing hardship or working in challenging evangelization contexts. This remains the most substantial area of Vatican expenditure.
Other major allocations include:
• Worship and Evangelization (14%)
• Communication of the Papal Message (12%)
• Apostolic Nunciatures and Diplomatic Presence Worldwide (10%)
• Charitable Works and Humanitarian Services (10%)
The remaining 17% supported additional Church activities such as the administration of ecclesial structures, safeguarding historical and artistic patrimony, and funding Catholic academic institutions.