Digital economy contributes bigger share to Singaporean GDP: report-Xinhua

Digital economy contributes bigger share to Singaporean GDP: report

Source: Xinhua

Editor: huaxia

2024-10-29 16:51:30

SINGAPORE, Oct. 29 (Xinhua) -- Singapore's digital economy contributed 17.7 percent to its gross domestic product (GDP) in 2023, up from 17.3 percent in 2022, according to a report released by the Infocomm Media Development Authority (IMDA) Tuesday.

The report defines Singapore's digital economy by value-added in the Information and Communications sector and value-added figures from digitalization across the rest of the economy.

Singapore's digital economy grew at a compound annual growth rate of 11.2 percent from 2018 to 2023, almost doubling the nominal GDP growth rate over the same period, the IMDA noted.

Demand for tech professionals continued to rise last year despite a more cautious tech hiring outlook.

The tech jobs increased 3.4 percent year-on-year to 208,300 in 2023, accounting for 5.2 percent of the total employment in the city-state, according to the report.

Meanwhile, the median monthly wages for resident tech workers eased from 7,380 Singapore dollars (5,570 U.S. dollars) in 2022 to 7,000 Singapore dollars in 2023.