Economy of Vatican City

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Economy of Vatican City
CurrencyEuro (EUR)
Calendar year
Statistics
GDPn/av
Labour force
2,832 (December 2011)
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$308 million (2011)
Expenses$326.4 million (2011)
Economic aidPeter's Pence
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
 
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Economy of Vatican City
CurrencyEuro (EUR)
Calendar year
Statistics
GDPn/av
Labour force
2,832 (December 2011)
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$308 million (2011)
Expenses$326.4 million (2011)
Economic aidPeter's Pence
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
An ATM in Vatican City with Latin instructions

The unique, noncommercial economy of Vatican City is supported financially by contributions (known as Peter's Pence) from Roman Catholics throughout the world, the sale of postage stamps and tourist mementos, fees for admission to museums,[1] and the sale of publications.

It should be avoided the confusion between the Vatican City State, which refers to the country founded in 1929, and the Holy See, who in practice is the Pope and all who work for the Pope in the government of the Church. Economically, these two entities are independent, even though most of the Holy See operates within the territory of the Vatican City State. For example, the IOR - Institute for the Works of Religion, commonly known as "The Vatican Bank" - belongs to the Holy See and contributes to the Holy See with its profits, even though it is operating within the Vatican City State. [2]

Key statistics[edit]

Budget:

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

Fiscal year: Calendar year

See also[edit]

Notes[edit]

  1. ^ Vatican visitors forced to use cash after credit card ban as city-state falls foul of EU legislation | Mail Online. Dailymail.co.uk (2013-01-04). Retrieved on 2013-02-08.
  2. ^ Moneyval Report on the Holy See/Vatican City State, July 4th 2012
  3. ^ Europe :: Holy See (Vatican City). CIA – The World Factbook. Cia.gov. Retrieved on 2013-02-08.

References[edit]