Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices amounted to MOP 394.06 billion in 2019, which was MOP 51.06 billion less than Gross Domestic Product (GDP) at current prices (MOP 445.12 billion), representing a net external factor income outflow of the same amount that was equivalent to 11.5% of GDP in 2019, similar to the percentage registered in 2018. In 2019, per-capita GNI was MOP 585,096, as compared to per-capita GDP at MOP 660,903.

Total outflow of external factor income reflects income earned by non-resident enterprises and investors from investment in Macao. In 2019, total outflow of external factor income went up by 12.0% year-on-year to MOP 120.60 billion, mainly due to an 8.6% increase in direct investment income (MOP 80.51 billion) earned by some non-resident enterprises and investors from investment in Macao. Furthermore, other investment income (MOP 21.56 billion) and portfolio investment income (MOP 5.37 billion) recorded growth of 26.7% and 30.2% respectively.

Total inflow of external factor income reflects income earned by resident enterprises and investors from abroad. In 2019, total inflow of external factor income increased by 23.7% year-on-year to MOP 69.54 billion, attributable to a 25.1% rise in other investment income (MOP 41.51 billion) and a 26.6% growth in portfolio investment income (MOP 22.78 billion) earned by some resident enterprises and investors from abroad. Meanwhile, income on reserve assets (MOP 3.47 billion) rose by 18.4% year-on-year. In contrast, direct investment income (MOP 1.78 billion) fell by 16.1%.

After discounting the effect of price changes, GNI fell by 1.0% year-on-year in real terms in 2019, as against a 2.6% decrease in GDP; meanwhile, per-capita GNI went down by 3.0% year-on-year in real terms, as compared to a 4.5% fall in per-capita GDP.

GNI refers to the total income earned by residents (including individuals and institutions) of an economy from engaging in various economic activities within or outside the economy, corresponding to GDP plus income earned by residents from abroad, minus income earned by non-residents from investment in Macao.