Gross National Income (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 Gross Domestic Product (GDP) plus total inflow of external factor income (income earned by residents from abroad), minus total outflow of external factor income (income earned by non-residents in Macao).

GNI at current prices amounted to MOP 232.27 billion in 2022, which was MOP 38.37 billion more than GDP at current prices (MOP 193.91 billion), representing a net inflow of external factor income. In 2022, per-capita GNI was MOP 342,586, as compared to per-capita GDP at MOP 285,997.

After discounting the effect of price changes, GNI fell by 7.0% year-on-year in real terms in 2022, as against a 21.5% decrease in GDP. Per-capita GNI went down by 6.2% year-on-year in real terms, as compared to a 20.9% fall in per-capita GDP.

Total outflow of external factor income

In 2022, total outflow of external factor income dropped by 32.9% year-on-year to MOP 31.87 billion, mainly due to a decrease in direct investment income earned by non-resident enterprises and investors from investment in Macao. Meanwhile, portfolio investment income (MOP 5.46 billion), other investment income (MOP 24.27 billion) and compensation of employees (MOP 12.15 billion) increased by 76.2%, 37.1% and 4.6% respectively.

Total inflow of external factor income

In 2022, total inflow of external factor income increased by 50.6% year-on-year to MOP 70.24 billion, attributable to a 79.1% rise in other investment income (MOP 38.18 billion) earned by resident enterprises and investors from abroad. Besides, income on reserve assets (MOP 2.99 billion), portfolio investment income (MOP 28.01 billion) and direct investment income (MOP 1.06 billion) recorded varying degrees of growth, rising by 232.4%, 19.4% and 10.4% respectively year-on-year.