After several years of deep deficits, the Holy See managed to achieve a rare budget surplus of €1.6 million in 2024, according to the Vatican’s latest financial report. This marks a reversal from 2023, when a deficit of €51.2 million was recorded.

Vatican officials note that the result could represent a “turning point” in strengthening financial stability, but also acknowledge that part of the improvement comes from one-off capital gains generated by restructuring the investment portfolio in line with the new investment policy.

Despite the surplus, the structural deficit — which excludes extraordinary items — remains significant, amounting to €44.4 million in 2024. Still, this is nearly half of the €83.5 million recorded the previous year. The Church’s financial income rose from €45.8 million in 2023 to €75 million in 2024, primarily due to investment maneuvers.

Maximino Caballero Ledo, Prefect of the Vatican Secretariat for the Economy, emphasized that such strong capital gains cannot be expected every year, and that the focus in the future will need to be on expense control, operational efficiency, and strengthening the donation base.

Since the Vatican cannot take on traditional loans, it relies heavily on income from its extensive real-estate portfolio, museum ticket sales, and contributions from the faithful. The Covid-19 pandemic, the drop in tourism, and earlier financial scandals significantly reduced inflows, with donations falling by about 23% between 2015 and 2019, and the negative trend continuing thereafter.

For economic observers, the Vatican’s case shows how even highly traditional institutions, under the pressure of deficits and reputational risks, are entering a phase of active portfolio management and fiscal consolidation — which will be crucial in the coming years for maintaining their financial stability.

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