Gross national income for 2023

MACAU, December 26 - Information from the Statistics and Census Service (DSEC) indicated that Gross National Income (GNI) at current prices increased by 50.9% year-on-year in real terms to MOP359.81 billion in 2023, driven by a real growth of 75.1% in Gross Domestic Product (GDP; MOP369.33 billion) amid the gradual resumption of local economic activities. Total outflow of external factor income (income earned by non-residents from investment in Macao) soared by 264.7% to MOP117.53 billion, and the total inflow (income earned by residents from abroad) rose by 58.3% to MOP108.01 billion. As total outflows exceeded total inflows, the net external factor income (total inflows minus total outflows) recorded a net outflow (-MOP9.51 billion). Meanwhile, per-capita GNI (MOP530,504) grew by 50.8% year-on-year in real terms in 2023, owing to the rise in GNI and a steady population growth in the year. In addition, per-capita GDP (MOP544,530) surged by 75.0% in real terms.

Total outflow of external factor income leapt by 264.7% year-on-year to MOP117.53 billion in 2023, on account of a substantial growth in direct investment income earned by non-resident enterprises and investors from investment in Macao (MOP51.34 billion) following the recovery of local economic activities. Portfolio investment income (MOP9.85 billion), other investment income (MOP41.96 billion) and compensation of employees (MOP14.35 billion) increased by 80.5%, 67.8% and 18.9% respectively. Besides, total inflow of external factor income swelled by 58.3% year-on-year to MOP108.01 billion, attributable to a 91.9% rise in other investment income earned by resident enterprises and investors from abroad (MOP69.25 billion).

In view of frequent exchanges between Macao and Hengqin, income earned by resident enterprises and investors in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin (hereinafter referred to as In-Depth Cooperation Zone) stood at MOP157.2 million in 2023. Of which, direct investment income, compensation of employees and other investment income totalled MOP93.8 million, MOP62.9 million and MOP0.5 million respectively. Meanwhile, direct investment income earned by enterprises and investors from the In-Depth Cooperation Zone from investment in Macao amounted to MOP107.6 million, resulting in a net factor income inflow of MOP49.6 million to Macao from the In-Depth Cooperation Zone.

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).