Contribution of digital economy to SG rises to $106b in 2022

The figure translates to 17.3% of Singapore's GDP last year.

The digital economy's contribution to Singapore's gross domestic product (GDP) rose in 2022, data from the Infocomm Media Development Authority (IMDA) showed.

With $106m of contribution, the digital economy accounted for 17.3% of GDP last year, up from 13% in 2017.

Between 2017 and 2022, the digital economy's contribution rose by $48b.

Amongst sectors, Information and Communications (I&C) had the biggest contribution to Singapore''s economy, contributing $33b or 5.4% of the 2022 GDP

In 2017, I&C contributed $19b or 4.3% of GDP. I&C was the fastest-growing sector between 2017 and 2022, said IMDA.

IMDA"s report also revealed that the technology adoption rate amongst Small and Medium Enterprises (SMEs) rose from 74% in 2018 to 94% in 2022. The average technology adoption intensity by SMEs has also increased from 1.7 to 2.1 over the same period.

The expansion of the digital economy resulted in the growth of tech manpower. The number of tech professionals has increased from around 155,500 in 2017 to 201,100 in 2022, driven by demand across all sectors.

The share of tech professionals out of total employment reached 5.2% in 2022, up from 4.2% in 2017. In addition, around 57% of the tech jobs in 2022 came from the rest of the economy beyond the I&C sector.

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