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Singapore e-commerce generated $2b of Singapore's GDP in 2022: report

The country ranked amongst the top 20 most entrepreneurial countries.

Singapore's e-commerce entrepreneurs contributed nearly $2b to the country's gross domestic product (GDP), and $1.18b in exports in 2022, according to data from Shopify's Entrepreneurship Index.

This is the highest value amongst other Southeast Asian markets, Shopify said,

Entrepreneurs drove $4.8b in business activity and supported 64,149 local jobs, a 14.1% increase from 2021.

As a result of its high business activity impact and job creation, Singapore ranked amongst the top 20 of the world's most entrepreneurial countries.

READ MORE: The future of retail: Omnichannel dominates retailers' pandemic growth strategy

Bharati Balakrishnan, Country Head and Director, Shopify Southeast Asia and India, said that with its high internet penetration and a highly aware population of digital consumers, Singapore reached a new growth era of ecommerce despite global economic uncertainty.

"Backed by progressive government initiatives to develop ecommerce capabilities, such as expanding the 5G networks by 2025, Singaporean entrepreneurs in Shopify's ecosystem contributed positively to their communities and the economy. These factors place the city-state in a strong position to achieve its targets of becoming a regional and global ecommerce hub," Balakrishnan said.

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