Holy See (Vatican City) Economy
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Economy of Holy See (Vatican City) is composed of contributions made by Roman Catholics located in different parts of the world. Vatican City also generates revenues from postage stamp sales, admission fees for museums, sale of mementos, and publication sales.
Noncommercial economy
Vatican City’s economy is noncommercial. Hence it’s difficult to analyze economy of Vatican City by usual standards. Economic structure of Vatican City is quite unique and does not conform with workings of a conventional economy.
Donations
Vatican City is run by donations made by Roman Catholic and other Christians from around the world. These donations are commonly referred to as Peter’s Pence. Collection and distribution of funds is carried out by a special Vatican City department. But an accurate representation of Vatican City’s management of funds is not available.
Other sources of income
Apart from donations, Vatican City’s other sources of revenue include tourists, international banking and financial operations, and small manufacturing companies. Manufacturing enterprises produce and sell articles of use for the Vatican staff and travelers.
Manufacturing enterprises
Small manufacturing enterprises in Vatican City produce uniforms for Vatican staff. They also print church publications, produce mementos, stamps, coins, and telephone cards.
Tourism
Tourism in Vatican City also plays a key role in the state’s economy. Some important tourist attractions in Vatican City include Basilica of St. Peter’s, Sistine Chapel, Vatican museums, and Vatican libraries. Travelers to Vatican City adds to its economy by purchasing souvenirs, postage stamps, church publications, and coins. Tourists also contribute money to Vatican City’s economy by paying admission charges for visiting museums. Vatican museums can accommodate more than 20,000 visitors on a daily basis.
Expenditure
Vatican City expenditure relates to maintenance of buildings, infrastructure, and arranging for visits made by the Pope and his emissaries to foreign locations. Expenditure for publication of L’Osservatore Romano, Vatican City’s newspaper, is also a state responsibility. Vatican City also funds and manages a number of overseas offices.
