Singapore’s Digital Economy Thriving

HANOI, Oct 30 (Bernama-VNA) -- Singapore’s digital economy accounted for 17.7 per cent of the gross domestic product (GDP) in 2023, up from 17.3 per cent in the previous year, according to the country’s Infocomm Media Development Authority (IMDA), Vietnam News Agency (VNA) reported.

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

The value of Singapore's digital economy is made up of the added value of the information and communications sector, and value-added figures from digitalisation across the rest of the economy.

Singapore’s digital economy also promoted tech job growth, with the number of jobs rising by 3.4 per cent year-on-year to 208,300 in 2023, according to VNA.

Demand for high-quality human resources in the technology field continued to increase last year despite companies being more cautious in hiring.

-- BERNAMA-VNA