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Digital economy contributed almost 18% to Singapore's GDP in 2023, surpassing finance and insurance sector

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SINGAPORE: Singapore's digital economy contributed 17.7 per cent to the country’s gross domestic product (GDP) last year, overtaking the finance and insurance sector, according to new data released by the Infocomm Media Development Authority (IMDA) on Tuesday (Oct 29).

SINGAPORE: Singapore's digital economy contributed 17.7 per cent to the country’s gross domestic product last year, overtaking the finance and insurance sector, according to new data released by the Infocomm Media Development Authority on Tuesday .

Singapore’s finance and insurance sector accounted for 13.5 per cent of the CAGR from 2017 to 2022, while the manufacturing industry contributed around 12 per cent, data from IMDA showed. The number of tech jobs grew to 208,300 in 2023, representing a steady 3.4 per cent year-on-year growth, said IMDA, adding that demand for tech talent remains strong in spite of a more cautious hiring outlook in the tech sector globally.

However, the monthly median wage for resident tech professionals fell to S$7,000 last year from S$7,376 in 2022.

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