Economy of the Vatican City
Encyclopedia
Vatican City
Vatican City , or Vatican City State, in Italian officially Stato della Città del Vaticano , which translates literally as State of the City of the Vatican, is a landlocked sovereign city-state whose territory consists of a walled enclave within the city of Rome, Italy. It has an area of...
is supported financially by contributions (known as Peter's Pence
Peter's Pence
Peter's Pence is payment made more or less voluntarily to the Roman Catholic Church. It began under the Saxons in England and is seen in other countries. Though formally discontinued in England at the time of the Reformation, a post-Reformation payment of uncertain characteristics is seen in some...
) from Roman Catholics throughout the world, the sale of postage stamps and tourist mementos, fees for admission to museums, and the sale of publications.
The Vatican also conducts worldwide financial activities, the Istituto per le Opere di Religione (also known with the acronym IOR and wrongly known as the Vatican Bank). This Institute has an ATM
Automated teller machine
An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...
with instructions in Latin
Latin
Latin is an Italic language originally spoken in Latium and Ancient Rome. It, along with most European languages, is a descendant of the ancient Proto-Indo-European language. Although it is considered a dead language, a number of scholars and members of the Christian clergy speak it fluently, and...
, possibly the only such ATM in the world.
The Vatican has often been accused by critics of being excessively wealthy, as in Avro Manhattan
Avro Manhattan
Avro Manhattan was a writer and philosopher, primarily known for his criticisms of the Roman Catholic Church . Having covered various political topics throughout his career, Manhattan is perhaps best remembered as the author of several works analyzing the Vatican's role in world politics and...
's The Vatican Billions. However, the papal state has previously run budget deficits and obtains much of its money from international donations such as Peter's Pence
Peter's Pence
Peter's Pence is payment made more or less voluntarily to the Roman Catholic Church. It began under the Saxons in England and is seen in other countries. Though formally discontinued in England at the time of the Reformation, a post-Reformation payment of uncertain characteristics is seen in some...
.
Key statistics
Budget:- revenues: $355.5 million (2008)
- expenditures: $356.8 million (2008)
Industries:
printing and production of a small amount of mosaics and staff uniforms; worldwide banking and financial activities
Electricity - production:
442 MWh (2010) from solar panels
Electricity - imports:
Electricity supplied by Italy
Currency:
The euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
since 2002. Vatican depends on Italy for practical production of banknotes, stamps and other valuable titles. Due to its rarity, the Vatican's euro coins are highly sought by collectors.
Fiscal year:
calendar year