Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices was MOP 333.58 billion in 2015, less than Gross Domestic Product (GDP) at current prices (MOP 362.64 billion) by MOP 29.06 billion, representing a net external factor income outflow of the same amount that was equivalent to 8.0% of GDP in 2015, lower than the value (14.3%) registered in 2014. In 2015, per-capita GNI was MOP 520,004 and per-capita GDP was MOP 565,301.
Total outflow of external factor income reflects income earned by non-resident enterprises and investors from investment in Macao. In 2015, total outflow of external factor income dropped by 33.0% year-on-year to MOP 65.77 billion, mainly due to a 39.9% decrease in direct investment income (MOP 51.33 billion) earned by some non-resident enterprises and investors from investment in Macao. On the other hand, portfolio investment income (MOP 965 million) and other investment income (MOP 11.55 billion) increased by 27.1% and 12.2% respectively.
Total inflow of external factor income reflects income earned by resident enterprises and investors from abroad. In 2015, total inflow of external factor income rose by 5.3% year-on-year to MOP 36.71 billion, attributable to an 8.4% increase in portfolio investment income (MOP 14.39 billion) and a 3.8% rise in other investment income (MOP 20.15 billion) earned by some resident enterprises and investors from abroad. Meanwhile, direct investment income (MOP 938 million) also increased by 14.2% year-on-year.
After discounting the effect of price changes, GNI and GDP fell by 13.5% and 21.5% year-on-year respectively in real terms; meanwhile, per-capita GNI and per-capita GDP went down by 16.2% and 23.9% respectively. The rate of decrease in GNI in real terms was smaller than that in GDP in 2015, mainly due to a significant drop in net external factor income outflow.
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.