That said, the agency noted that there is currently no internationally agreed standard on how to define and measure a country’s digital economy.
Singapore’s digital economy contributed $106 billion or 17.3% of the country’s gross domestic product (GDP) in 2022. This was nearly two times higher than $58 billion in 2017, which came up to 13% of the country’s GDP then.
The figure was part of several key findings that were published in the inaugural Singapore Digital Economy (SGDE) report. The report, which looks at the digital economy in Singapore from 2017 to 2022, was developed by the Infocomm Media Development Authority (IMDA) in partnership with the Lee Kuan Yew School of Public Policy. According to IMDA, the report allows it to monitor the state of Singapore’s digital economy and look at its direction and pace of change over time.
