Singapore’s digital economy hits $128.1b in 2024

It now accounts for more than $1 of every $6 in the economy.

Singapore’s digital economy (DE) grew to $128.1b in 2024, making up 18.6% of GDP, up from 18.0% in 2023, as per latest report from the Infocomm Media Development Authority.

This means the DE now accounts for more than S$1 of every $6 in the economy.

From 2019 to 2024, the DE expanded at a compound annual growth rate of 12.0%, outpacing nominal GDP growth of 7.3%.

Two-thirds of the DE comes from digitalisation in non-ICT sectors, led by finance & insurance, wholesale trade, and manufacturing.

The remaining one-third comes from the ICT sector. Both components grew in 2024.

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