Gross National Income 2017

Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices amounted to MOP 372.96 billion in 2017, which was MOP 32.83 billion less than Gross Domestic Product (GDP) at current prices (MOP 405.79 billion), representing a net external factor income outflow of the same amount that was equivalent to 8.1% of GDP in 2017, slightly lower than the value (8.2%) registered in 2016. In 2017, per-capita GNI was MOP 574,668, as compared to per-capita GDP at MOP 625,254.

Total outflow of external factor income reflects income earned by non-resident enterprises and investors from investment in Macao. In 2017, total outflow of external factor income went up by 21.8% year-on-year to MOP 75.01 billion, mainly due to a 22.7% increase in direct investment income (MOP 58.71 billion) earned by some non-resident enterprises and investors from investment in Macao. Furthermore, portfolio investment income (MOP 2.46 billion) and other investment income (MOP 11.81 billion) recorded growth of 218.7% and 8.8% respectively.

Total inflow of external factor income reflects income earned by resident enterprises and investors from abroad. In 2017, total inflow of external factor income increased by 32.6% year-on-year to MOP 42.18 billion, attributable to a 23.8% rise in other investment income (MOP 23.00 billion) and a 37.0% growth in portfolio investment income (MOP 15.48 billion) earned by some resident enterprises and investors from abroad. Meanwhile, direct investment income (MOP 1.48 billion) also surged by 222.8% year-on-year.

After discounting the effect of price changes, GNI rose by 10.3% year-on-year in real terms in 2017, as against a 9.7% increase in GDP; meanwhile, per-capita GNI went up by 9.7% year-on-year in real terms, as compared to a 9.2% growth in per-capita GDP.

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