(ZENIT News / Vatican City, 11.26.2025).- The Holy See has closed fiscal year 2024 with a modest but symbolically important surplus of 1.6 million euros, according to the Consolidated Financial Statement released by the Secretariat for the Economy. The result represents a dramatic turnaround from the 51.2-million-euro deficit recorded the previous year and may signal a long-awaited shift toward greater financial stability.
While Church officials caution that the road to long-term sustainability remains complex, the latest figures reveal an unmistakably upward trend. The overall improvement is driven by a nearly 50% reduction in the operating deficit, which dropped from 83 million to 44 million euros. Higher revenues—up by 79 million euros due largely to increased donations and stronger hospital performance—combined with continuing efforts to contain expenditures, helped soften the impact of inflation and rising personnel costs.
One of the most notable developments is the strong performance of the Vatican’s financial management sector. The 2024 cycle generated 46 million euros in positive results, surpassing the previous year’s levels. Much of this success is attributed to capital gains realized after the full activation of the Vatican’s Investment Committee, which began operating effectively only this year.
Figures Without Hospital Entities
If hospital institutions are excluded from the consolidated perimeter, the Holy See reports an even higher surplus: 18.7 million euros. Even so, the Secretariat for the Economy urges prudence when interpreting this figure, stressing that the improvement has been boosted largely by a rise in donations and by a one-off accounting impact linked to the sale of long-held investments. Whether this progress can be sustained will become clear only in the coming years.
A Budget Aligned With Mission
The report also highlights the consistency between the Apostolic Mission of the Holy See and the way its financial resources are allocated. Each Dicastery expresses a specific facet of the Church’s global service: providing assistance to local Churches, fostering unity of faith, supporting peace initiatives and human development, managing papal communications, coordinating major liturgical events, preserving the cultural and historical patrimony of the Vatican, and maintaining the worldwide network of Pontifical Representations.
According to the 2024 figures, a total of 393.29 million euros was assigned to the Apostolic Mission and Pontifical Funds (excluding hospitals). A pronounced concentration of resources emerges: 83% of the budget is dedicated to just five priority sectors. The largest allocation—37% of the total, or 146.40 million euros—supports local Churches facing hardship or operating in areas of particular evangelizing need.
Other major spending areas include worship and evangelization initiatives (14%), papal and Vatican communications (12%), the diplomatic presence of the Holy See through its Apostolic Nunciatures (10%), and charitable services (10%). The remaining 17% covers a range of activities, from the organization of ecclesial life to the management of historical assets and the work of academic institutions.
A Step Forward, Pending Confirmation
Though modest in size, the surplus raises cautious optimism inside Vatican financial circles. After years of deficits and intense efforts to reform its administrative structures, the Holy See may be entering a new phase. Whether 2024 marks a genuine structural shift or simply a temporary financial reprieve will depend on future revenue trends, continued discipline in spending, and the maturation of recent investment strategies.
For now, analysts see in these numbers a financial landscape that, while still fragile, is showing unmistakable signs of improvement.
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