The agency’s report finds that the digital economy has grown at a CAGR of 11.2% over the last five years, in which the figure stood at $66.5 billion in 2018.
Singapore’s digital economy accounted for $113 billion of the country’s gross domestic product (GDP) in 2023, according to a report by the Infocomm Media Development Authority (IMDA), released on Oct 29. This is the second Singapore digital economy report by the government organization.
This figure accounts for about 17.7% of the share of GDP, surpassing the finance and insurance sector, but on par with the manufacturing sector, the report notes. At a media briefing on Oct 29, IMDA notes that the finance and insurance sector accounts for 13.8%, while the manufacturing sector accounts for 18.65% as at 2023.
