Singapore’s digital economy thriving
Singapore’s digital economy accounted for 17.7% of the island state's GDP in 2023, up from 17.3% in the previous year, according to its Infocomm Media Development Authority (IMDA).
The digital economy’s growth has created more tech jobs, even amid a more cautious hiring outlook in the tech sector globally and in Singapore. Photo courtesy of The Straits Times.
The IMDA reported on Tuesday that the value of Singapore's digital economy is made up of the added value of the information and communications sector, and value-added figures from digitalisation across the rest of the economy.
Singapore's digital economy grew at a compound annual growth rate of 11.2% from 2018 to 2023, almost doubling the nominal GDP growth rate over the same period, the IMDA noted.
Demand for high-quality human resources in the technology field continued to increase last year despite companies being more cautious in hiring.
The digital economy also promoted tech job growth, with the number of jobs rising by 3.4% year-on-year to 208,300 in 2023.
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