Residents’ income trails GDP despite 9.4% gain

Residents’ per capita income reached MOP572,614 in 2024, according to gross national income data released this week by the Statistics and Census Service (DSEC).

The 2024 figure trails the per capita GDP of MOP579,533, as gross national income (GNI) posted a 9.4% real-term gain but fell short of economic output due to external factor outflows.

GNI, which tracks total income earned by Macau residents from activities inside or outside the economy, hit MOP392.81 billion at current prices. This was MOP4.75 billion less than GDP, which stood at MOP397.56 billion.

DSEC defines GNI as “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 the Macao Special Administrative Region (Macao SAR)).”

In 2024, inflows of external factor income rose 3.0% year-on-year to MOP111.77 billion. Resident enterprises and investors saw portfolio investment income from abroad grow 22.3% to MOP35.55 billion.

Income on reserve assets climbed 14.1% to MOP10.29 billion, and direct investment income jumped 75.6% to MOP1.48 billion.

Meanwhile, compensation of employees rose 122.1% to MOP139.8 million. Outflows fell 2.5% to MOP116.52 billion. Other investment income earned by non-residents in Macau declined 8.4% to MOP38.20 billion.

Hengqin ties yield net gain

In 2024, exchanges with the Guangdong-Macao In-Depth Cooperation Zone in Hengqin strengthened, with income earned by Macau resident enterprises and investors there totaling MOP761.4 million.

This mainly included direct investment income of MOP621.6 million and compensation of employees of MOP139.8 million.

According to DSEC, enterprises and investors from the Cooperation Zone in Hengqin earned MOP29.6 million in direct investment income, resulting in a net factor income inflow of MOP731.7 million to Macau from the zone – up 2.0% from 2023.