Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices was MOP 331.84 billion in 2016, which was MOP 30.42 billion less than Gross Domestic Product (GDP) at current prices (MOP 362.27 billion), representing a net external factor income outflow of the same amount that was equivalent to 8.4% of GDP in 2016, slightly higher than the value (8.1%) registered in 2015. In 2016, per-capita GNI was MOP 513,809, as compared to per-capita GDP at MOP 560,913.
Total outflow of external factor income reflects income earned by non-resident enterprises and investors from investment in Macao. In 2016, total outflow of external factor income dropped by 6.7% year-on-year to MOP 61.61 billion, mainly due to a 7.3% decrease in direct investment income (MOP 47.86 billion) earned by some non-resident enterprises and investors from investment in Macao. Furthermore, portfolio investment income (MOP 716 million) and other investment income (MOP 10.91 billion) decreased by 25.8% and 5.4% respectively.
Total inflow of external factor income reflects income earned by resident enterprises and investors from abroad. In 2016, total inflow of external factor income dropped by 15.2% year-on-year to MOP 31.19 billion, attributable to a 21.5% decrease in portfolio investment income (MOP 11.30 billion) and an 11.2% fall in other investment income (MOP 17.94 billion) earned by some resident enterprises and investors from abroad. Meanwhile, direct investment income (MOP 454 million) also decreased by 52.5% year-on-year.
After discounting the effect of price changes, GNI fell by 1.0% year-on-year in real terms in 2016, as against a 0.9% drop in GDP; meanwhile, per-capita GNI went down by 1.7% year-on-year in real terms, as compared to a 1.5% decrease 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.