Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices amounted to MOP 406.02 billion in 2018, which was MOP 38.64 billion less than Gross Domestic Product (GDP) at current prices (MOP 444.67 billion), representing a net external factor income outflow of the same amount that was equivalent to 8.7% of GDP in 2018, slightly higher than the value (8.5%) registered in 2017. In 2018, per-capita GNI was MOP 614,950, as compared to per-capita GDP at MOP 673,481.

Total outflow of external factor income reflects income earned by non-resident enterprises and investors from investment in Macao. In 2018, total outflow of external factor income went up by 23.1% year-on-year to MOP 94.91 billion, mainly due to a 19.0% increase in direct investment income (MOP 72.47 billion) earned by some non-resident enterprises and investors from investment in Macao. Furthermore, portfolio investment income (MOP 4.12 billion) and other investment income (MOP 16.93 billion) recorded growth of 67.6% and 42.2% respectively.

Total inflow of external factor income reflects income earned by resident enterprises and investors from abroad. In 2018, total inflow of external factor income increased by 33.1% year-on-year to MOP 56.26 billion, attributable to a 44.3% rise in other investment income (MOP 33.17 billion) and a 16.7% growth in portfolio investment income (MOP 18.07 billion) earned by some resident enterprises and investors from abroad. Meanwhile, income on reserve assets (MOP 2.93 billion) and direct investment income (MOP 2.09 billion) also surged by 32.0% and 32.7% respectively year-on-year.

After discounting the effect of price changes, GNI rose by 6.8% year-on-year in real terms in 2018, as against a 5.4% increase in GDP; meanwhile, per-capita GNI went up by 5.0% year-on-year in real terms, as compared to a 3.6% growth 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.