Singapore's digital economy made up nearly 18% of GDP in 2023, surpassing the finance and insurance sectors

Singapore’s digital economy has grown tremendously, contributing almost 18% to the country’s GDP in 2023, surpassing traditional pillars like finance and insurance.

The digital sector added SGD 113 billion to Singapore's economy, matching the economic impact of manufacturing, according to the Infocomm Media Development Authority (IMDA). IMDA’s CEO Lew Chuen Hong emphasized that “technology as a structural driver will remain,” pointing out the ongoing demand for digital services despite a challenging global tech market. This rapid growth reflects Singapore’s focus on digitalization as a key driver of future resilience and global competitiveness.

Digital transformation has also created nearly 200,000 jobs, with demand for tech talent continuing to grow in key sectors like AI, cybersecurity, and software development. This shift supports Singapore's Smart Nation initiative, reinforcing its digital infrastructure, regulatory frameworks, and talent development. Looking forward, the government plans to enhance partnerships with industry players, leveraging tech to fuel sectors from e-commerce to advanced manufacturing.

Article by Charmaine Jacob for CNA. You can read the full article here or download the PDF below.

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

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