Singapore's digital economy thriving; contributes 17.7 per cent of the gross domestic product (GDP) in 2023


SINGAPORE (Bernama-VNA) -- Singapore’s digital economy accounted for 17.7 per cent of the gross domestic product (GDP) in 2023, up from 17.3 per cent in the previous year, according to the country’s Infocomm Media Development Authority (IMDA).

IMDA noted that Singapore's digital economy grew at a compound annual growth rate of 11.2 per cent from 2018 to 2023, almost doubling the nominal GDP growth rate over the same period.

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 also promoted tech job growth, with the number of jobs rising by 3.4 per cent year-on-year to 208,300 in 2023, according to VNA.

Demand for high-quality human resources in the technology field continued to increase last year despite companies being more cautious in hiring. - Bernama-VNA

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Aseanplus News

After iPhone 16s, Indonesia blocks Google Pixel phones, says Kontan
Asian stocks mostly fall, tracking global slide
Filipinos brave crowds, flooding for All Saints' Day cemetery visits
China surrogacy abandonment case being investigated after online criticism
NBA legend Yao Ming quits after seven years as head of Chinese basketball
Taiwan cleans up after Typhoon Kong-rey leaves two dead
Jury chooses life in prison for man who killed two from Vietnam in Las Vegas hotel room in 2018
To tackle plastic scourge, Philippines makes companies pay
China launches Shenzhou-19 spacecraft, carrying country’s third female astronaut
Nvidia chief Jensen Huang, film star Tony Leung to get honorary doctorates in Hong Kong

Others Also Read