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The Infocomm Media Development Authority said in monetary terms, the digital economy in Singapore generated S$113 billion in GDP, marking an increase from S$106 billion in 2022. — Reuters picSINGAPORE, Oct 30 — Singapore’s digital economy has achieved significant growth, now contributing 17.7 per cent to the nation’s gross domestic product in 2023, surpassing the finance and insurance sectors, according to recent data from the Infocomm Media Development Authority .
The digital economy has exhibited impressive growth, with a compound annual growth rate of 11.2 per cent from 2018 to 2023, significantly outpacing the nominal GDP growth rate of 5.8 per cent. Notably, over half of tech employees originated from non-tech sectors, including finance, professional services, wholesale trade, and manufacturing.