Digital economy accounts for $113b of SG's GDP

The sector surpassed finance and insurance. 

Singapore’s digital economy recorded strong growth in 2023, accounting for $113b of the city-state’s gross domestic product (GDP) according to an Infocomm Media Development Authority report. 

Representing 17.7% of the GDP, the digital sector was on par with manufacturing and surpassed finance and insurance. 

The Information and Communications sector accounted for around one-third of the sector whilst the remaining two-thirds was from non-I&C sectors. 

The report also noted that 94.6% of small and medium-sized enterprises (SME) have digitalised in at least one of key digital areas such as cybersecurity, cloud, e-payment, e-commerce, data analytics, and AI. Eight in 10 have also used at least one digital solution to enhance general business functions including accounting, document management and digital marketing. 

SMEs that adopted digital solutions under the Productivity Solutions Grant (PSG) have saved an average cost of 50% from 2018 to 2023. 

Meanwhile, despite a cautious hiring outlook in the sector globally and in Singapore, demand remained strong as tech jobs grew to 208,300, a 3.4% year-on-year growth. 

As such, resident tech workers reported earning a median monthly salary of 1.5 times more than the overall resident workforce.