The Vatican has reported that it ended 2024 with a surplus of 1.6 million euros ($A2.84m), compared to a deficit of 51.2 million euros ($91m) in 2023. Source: NCR Online.
Its operational deficit, while not eliminated, was reduced almost by half from 83.5 million euros ($148.5m) in 2023 to 44.4 million euros ($78.9m) 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 yesterday.
“This result was supported by an overall increase in revenues of almost 79 million euros ($140.5m) 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 was due to 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 euros 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 euros ($2.18bn) and 1.275 billion euros ($2.27bn) respectively, which resulted in the 44.4 million euros operational deficit, meaning that everyday expenses continue to exceed recurring income.
However, 46 million euros ($81.8m) in investment returns, one-off asset sales and increased donations in 2024, meant there was a final 1.6 million euro ($2.84m) surplus for the year. When Vatican-owned hospitals were excluded from the overview, the surplus was 18.7 million euros ($33.26m), reflecting the high cost of staffing and running its healthcare facilities.
In fact, the bulk of the secretariat’s financial statement presented more detailed figures that excluded the revenues and costs of Vatican hospitals, showing that the Vatican’s core institutional functions were close to balanced or even positive.
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Vatican reports surplus in 2024 with asset sales, increased donations (By Carol Glatz, CNS via NCR Online)
