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 239.24 billion in 2021, which was MOP 1.92 billion less than GDP at current prices (MOP 241.16 billion), representing a net external factor income outflow. In 2021, per-capita GNI was MOP 350,197, as compared to per-capita GDP at MOP 353,007.

After discounting the effect of price changes, GNI fell by 2.7% year-on-year in real terms in 2021, as against a 19.3% increase in GDP. Per-capita GNI went down by 3.0% year-on-year in real terms, as compared to a 19.0% rise in per-capita GDP.

Total outflow of external factor income

In 2021, total outflow of external factor income surged by 180.2% year-on-year to MOP 48.55 billion, mainly due to an increase in direct investment income earned by non-resident enterprises and investors from investment in Macao. Meanwhile, compensation of employees (MOP 11.67 billion) grew by 4.1%, whereas portfolio investment income (MOP 3.13 billion) and other investment income (MOP 17.69 billion) dropped by 37.4% and 1.6% respectively.

Total inflow of external factor income

In 2021, total inflow of external factor income decreased by 15.1% year-on-year to MOP 46.63 billion, attributable to a 28.9% fall in other investment income (MOP 21.32 billion) earned by resident enterprises and investors from abroad. Besides, income on reserve assets (MOP 0.90 billion) declined by 57.6% year-on-year. In contrast, portfolio investment income (MOP 23.45 billion) rose by 0.4%.