The Holy See closes 2024 with a surplus of €1.6 million,
a possible and long-awaited financial turnaround that will require future confirmation
VATICAN CITY – 25 November 2025 – The Secretariat for the Economy today published the Holy See’s 2024 Consolidated Financial Statements, which show a surplus of €1.6 million. This result represents a significant recovery from the €51.2 million deficit recorded in the previous year.
The report shows a marked improvement and, while recognizing that full financial sustainability is a long-term goal, a clearly positive direction can be observed.
The overall improvement is based on a significant reduction in the deficit, which fell by almost 50%, from €83 million to €44 million. This was made possible by a €79 million increase in revenue (mainly from donations and hospital management) and efforts to control expenditure, which partially offset inflation and increased personnel costs.
Financial management performance was particularly positive, generating income of €46 million, exceeding 2023 levels and playing a key role in covering the operating deficit. This performance is mainly due to capital gains realized thanks to the launch of the Investment Committee, which will only take place this year.
Analysis excluding hospitals
Excluding hospitals, the Holy See closed with a surplus of €18.7 million. The Secretariat for the Economy once again emphasises the need for caution in interpreting this figure, as this improvement is mainly due to an increase in donations and a one-off accounting impact of investments related to the sale of historical investments.
This progress will therefore need to be confirmed in the coming years.
Apostolic Mission and Pontifical Funds
Finally, by analyzing the expenditure items, it is possible to verify the consistency between the Mission and its concrete economic execution. The functions of the various Dicasteries reflect the many facets of the Apostolic Mission. These institutions of the Curia offer services to the Church at a global level, from support to local Churches to initiatives for the unity of the faith, from the Pope's communications to the promotion of peace and human development, from liturgical events to the custody of the Vatican heritage, to the Pontifical Representations.
The report then goes into detail on the items into which the €393.29 million allocated to the Apostolic Mission and the Pontifical Funds (excluding hospitals) are divided. The vast majority of these funds (83%) are concentrated in five priority areas. The main item, representing 37% of the total (€146.40 million), is dedicated to supporting local Churches in difficulty and in specific contexts of evangelization.
The next most significant areas of expenditure are worship and evangelization (14%), communication of the message (12%), presence in the world through the Apostolic Nunciatures (10%) and charitable service (10%). The remaining 17% covers other activities such as the Organization of Ecclesial Life, Historical Heritage and Academic Institutions.
