Singapore’s Digital Economy Contributed 17.3% to GDP in 2022

Singapore’s Digital Economy Contributed 17.3% to GDP in 2022

Singapore’s digital economy contributed 17.3% to its gross domestic product (GDP) in 2022, marking a significant increase from the 13% contribution in 2017, according to a report released on October 6. This represents nearly a doubling of its value added or economic contribution, rising from S$58 billion to S$106 billion over the five-year period, as reported by the Infocomm Media Development Authority (IMDA).

Between 2017 and 2022, the digital economy’s contribution rose by $48 billion. Among sectors, Information and Communications (I&C) played the most substantial role in Singapore’s economy, contributing $33 billion, which accounted for 5.4% of the GDP in 2022. In 2017, I&C contributed $19 billion, equivalent to 4.3% of GDP. IMDA identified I&C as the fastest-growing sector between 2017 and 2022.

IMDA’s inaugural Singapore Digital Economy report was developed in collaboration with the Lee Kuan Yew School of Public Policy. The report also revealed that technology adoption rates among Small and Medium Enterprises (SMEs) increased significantly, rising from 74% in 2018 to 94% in 2022. Additionally, the average technology adoption intensity by SMEs increased from 1.7 to 2.1 over the same period.

The expansion of the digital economy has led to the growth of the tech workforce in Singapore. The number of tech professionals increased from approximately 155,500 in 2017 to 201,100 in 2022, driven by demand across all sectors.