Vatican reports financial turnaround with 2024 surplus

Its operational deficit, while not eliminated, was reduced almost by half from €83.5 million (NZ$169 million) in 2023 to €44.4 million (NZ$89 million) in 2024.

This improvement “represents significant progress in consolidating the Holy See’s economic situation”, Maximino Caballero Ledo, prefect of the Secretariat for the Economy, told Vatican News on November 26.

“This result was supported by an overall increase in revenues of almost €79 million (NZ$160 million) compared with the previous year,” he said the same day the Dicastery published the Holy See’s financial statement for 2024.

The increase in revenues came from a 12 per cent growth in donations, a 7 per cent increase in property and commercial management, which included the sale of some legacy assets, and a 4 per cent increase in hospital income, the report said.

Despite the “prudent control of expenses and a constant effort to improve operational efficiency”, Mr Caballero said, “an operating deficit of €44.4 million remains”, which will require further “consolidation and growth” to reach full financial sustainability as the Vatican seeks to balance its “missionary commitment and the responsible management of resources”.

The consolidated statement reported total operating income and expenses of the Holy See to be €1.23 billion (NZ$2.49 billion) and €1.275 billion ($2.58 billion), respectively, which resulted in the €44.4 million operational deficit, meaning that everyday expenses continue to exceed recurring income.

However, €46 million (NZ$93million) in investment returns, one-off asset sales and increased donations in 2024 meant there was a final €1.6-million surplus (NZ$3.25 million) for the year. When Vatican-owned hospitals were excluded from the overview, the surplus was €18.7 million (NZ$38 million), reflecting the high cost of staffing and running the healthcare facilities.

In fact, the bulk of the secretariat’s financial statement showed more detailed financial figures that excluded the revenues and costs of Vatican hospitals to show that the Vatican’s core institutional functions were close to being balanced or even positive.

FULL STORY

Vatican reports surplus in 2024 with asset sales, increased donations (By Carol Glatz/CNS/National Catholic Reporter)