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 242.56 billion in 2020, which was MOP 38.15 billion more than GDP at current prices (MOP 204.41 billion), representing a net external factor income inflow of the same amount. In 2020, per-capita GNI was MOP 356,001, as compared to per-capita GDP at MOP 300,007.
After discounting the effect of price changes, GNI fell by 39.2% year-on-year in real terms in 2020, as against a 54.0% decrease in GDP. Per-capita GNI went down by 39.9% year-on-year in real terms, as compared to a 54.5% fall in per-capita GDP.
Total outflow of external factor income
In 2020, total outflow of external factor income went down by 86.0% year-on-year to MOP 16.94 billion, mainly due to a decrease in direct investment income earned by non-resident enterprises and investors from investment in Macao. Furthermore, other investment income (MOP 17.94 billion), compensation of employees (MOP 11.14 billion) and portfolio investment income (MOP 5.00 billion) recorded a decline of 16.8%, 16.4% and 6.8% respectively.
Total inflow of external factor income
In 2020, total inflow of external factor income decreased by 21.7% year-on-year to MOP 55.09 billion, attributable to a 27.8% drop in other investment income (MOP 29.96 billion) earned by resident enterprises and investors from abroad. Meanwhile, income on reserve assets (MOP 2.13 billion) fell by 38.7% year-on-year. In contrast, portfolio investment income (MOP 23.36 billion) rose by 2.7%.