SINGAPORE: Singapore's digital economy contributed 17.3 per cent to economic growth and more than 200,000 tech jobs in 2022, according to new data released on Friday .
This compares"favourably" with other similar open economies like Estonia, Sweden and the United Kingdom, IMDA said in a press release. Tech professionals earn a resident median monthly wage of S$7,376, excluding employer Central Provident Fund contributions and bonuses. This is up from S$5,512 in 2017.
While there is no international consensus on how to measure the digital economy, it is important to know its value to plan investments for infrastructure and policies to support growth, Minister for Communications and Information Josephine Teo said in a LinkedIn post. The sector supplies digital services like telecommunications, computer programming & IT consultancy, cloud computing, software development, and production and distribution of content and media.5.4 per cent of overall GDP, said IMDA. This is up from S$19 billion or 4.3 per cent of GDP in 2017.
The bulk of that contribution came from the finance and insurance, wholesale trade and manufacturing sectors. But there are differences in technological adoption by small and medium enterprises and bigger enterprises, the report noted.
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