Singapore’s digital economy contributes $113.2b to GDP

Sectors such as finance and insurance are amongst major drivers of this growth.

Singapore's digital economy has emerged as a key driver of the nation's overall economic growth, contributing $113.2b in value-added (VA) in 2023. This represents a significant 17.7% of the country's GDP.

Key sectors such as finance, insurance, wholesale trade, and manufacturing have been major drivers of this growth.

Small and medium-sized enterprises have also embraced digital transformation, with 82% of SMEs adopting at least one digital solution for general business functions in 2023—an increase from 69% in 2021.

AI adoption also surged, with 44% of non-SMEs using AI in 2023, compared to just 16.7% in 2018.

“This shift towards advanced digital technologies is expected to drive innovation and productivity gains across industries, potentially leading to job creation that could reshape Singapore’s labour and economic landscape in the coming years as more companies produce commercial results from using AI,” the report noted.

The Ministry of Trade and Industry (MTI) has revised its GDP growth forecast for 2024, narrowing it from a range of 1.0% to 3.0% to 2.0% to 3.0%.

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