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Economy of Vatican City

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Economy of Vatican City
CurrencyEuro (EUR)
Calendar year
Statistics
GDPn/av
Labour force
4,822 (2016)
Labour force by occupation
note: essentially services with a small amount of industry; nearly all dignitaries, priests, nuns, guards, and the approximately 3,000 lay workers live outside the Vatican
Main industries
printing, production of coins, medals, postage stamps, mosaics and staff uniforms and financial services
Public finances
Revenues$315 million (2013)
Expenses$334 million (2013)
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Vatican City
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Vatican City
An ATM in Vatican City with Latin instructions

The economy of Vatican City is supported financially by the sale of stamps, coins, medals, and tourist mementos as well as fees for admission to museums and publication sales. The Vatican City state employed 4,822 persons in 2016.[1]

The Vatican City issues its own coins and stamps. It has used the euro as its currency since 1 January 1999, owing to a special agreement with the European Union (council decision 1999/98). Euro coins and notes were introduced on 1 January 2002—the Vatican does not issue euro banknotes. Issuance of euro-denominated coins is strictly limited by treaty, though somewhat more than usual is allowed in a year in which there is a change in the papacy.[2] Because of their rarity, Vatican euro coins are highly sought by collectors.[3]

Key statistics[edit]

Budget:

  • revenues: $315 million (2013)
  • expenditures: $348 million (2013)[1]
Industries

Printing and production of a small amount of mosaics and staff uniforms; worldwide banking and financial activities.[1]

Electricity – production

442 MWh (2010) from solar panels.[citation needed]

Electricity – imports

Electricity supplied by Italy.[citation needed]

Currency

Euro (since 2002). Vatican City depends on Italy for practical production of banknotes, stamps and other valuable titles.[citation needed] Owing to their rarity, Vatican euro coins are sought by collectors.[citation needed]

The fiscal year is the calendar year.[citation needed]

See also[edit]

Notes[edit]

  1. ^ a b c "Europe :: Holy See (Vatican City) — The World Factbook - Central Intelligence Agency". www.cia.gov. Retrieved 2019-11-18.
  2. ^ "Agreements on monetary relations (Monaco, San Marino, the Vatican and Andorra)". Activities of the European Union: Summaries of legislation. Retrieved 23 February 2007.
  3. ^ "Benedict Vatican euros set for release". Catholic News. 21 April 2006. Retrieved 25 September 2014.

References[edit]