Singapore’s digital economy has experienced strong growth, contributing an estimated 17.3 per cent of the republic’s GDP in 2022, up from 13 per cent in 2017. — Geber86/Getty Images/ETX Studio picSINGAPORE, Oct 6 — Singapore’s digital economy has experienced strong growth, contributing an estimated 17.3 per cent of the republic’s gross domestic product in 2022, up from 13 per cent in 2017.
“Singapore’s digital economy is significant and has seen remarkable growth over the years, underscoring how IMDA’s efforts in driving Singapore’s digital transformation are bearing fruit,” said IMDA chief executive Lew Chuen Hong in a statement today. IMDA noted that there is currently no internationally agreed standard on how to define and measure the digital economy.
IMDA said the inaugural SGDE report takes a holistic definition of Singapore’s digital economy that comprises two components.The I&C sector is one of the key drivers of Singapore’s economy, having accounted for S$33 billion and 5.4 per cent of the overall GDP in 2022, up from S$19 billion and 4.3 per cent of GDP in 2017.
IMDA found that digitalisation across the rest of the economy progressed at a robust rate, with this digitalisation contributing S$73 billion or 11.9 per cent of Singapore’s GDP in 2022, up from S$39 billion or 8.7 per cent of GDP in 2017, outpacing the growth of the overall economy. The average technology adoption intensity by SMEs has also increased from 1.7 to 2.1 over the same period, according to IMDA.Between 2017 and 2022, the number of tech jobs grew to around 201,100 from about 155,500, accounting for an increased share of total employment to 5.2 per cent from 4.2 per cent.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: malaymail - 🏆 1. / 86 Read more »
Source: malaymail - 🏆 1. / 86 Read more »