Singapore's digital economy accounted for 17.7 percent of gross domestic product (GDP) in 2023 and provided 208,300 tech jobs, according to data released by the nation's media watchdog.
Its contribution of $113 billion marks a slight decline from 2022, when the sector contributed $115.9 billion to GDP and provided 201,100 jobs.
The digital economy exceeds the financial services and insurance sectors in size, and is comparable to the manufacturing sector, noted the Infocomm Media Development Authority (IMDA) in its annual review report on Oct 29.
The report calculates the digital economy based on two components. The first is the value-add or economic contribution of the information and communications (I&C) sector, which comprises digital services typically associated with the tech industry like telecommunications, computing and software.
The second is the value-add that non-digital industries have from embracing digital technologies and solutions.
The I&C sector alone accounted for 5.7 percent of Singapore's GDP in 2023, or around $36.3 billion, up from an adjusted 5.1 percent in 2022. This was driven by sustained demand for digitalization by enterprises.
The report said that the sector accounted for a third of Singapore's digital economy and is the fastest-growing sector.
Bu hikaye The Straits Times dergisinin October 30, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin October 30, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
HUT TO ART IN ZIMBABWE
The golden rays of the afternoon sun enhance the bold, hand-painted patterns on the mud walls of a round, thatched hut in Ms Peggy Masuku's village of Matobo in south-western Zimbabwe.
Actress Son Ye-jin celebrates son's second birthday
South Korean actress Son Ye-jin may be busy filming her latest movie, but she took time out to celebrate her son's second birthday.
Menswear Dog' and social media star Bodhi dies at 15
NEW YORK - Bodhi, a Shiba Inu whose smartly tailored sport coats and luxurious knitwear helped make him the rare canine menswear influencer, has died. He was 15.
Love Actually director Richard Curtis makes first foray into animation
Two decades after scoring a surprise holiday season global hit with Love Actually (2003), British film-maker Richard Curtis is making a bid to repeat the trick with his first foray into animation.
K-pop group NewJeans leave label Ador over 'mistreatment'
SEOUL - Chart-topping K-pop group NewJeans announced on Nov 28 their decision to leave their label Ador, accusing the company of \"mistreatment\".
Design News King Living premieres plush home theatre sofas
Australian luxury furniture brand King Living has launched its King Cinema Premiere Recliner collection, designed to transform living rooms into an immersive home cinema.
Anniversary concert a celebration of budding young talent
A CELLO LIFE VOICE OF THE CELLO 10TH ANNIVERSARY CONCERT
Mayday promise to 'make it up' to fans
Lead singer Ashin says the Taiwanese rock band are committed to give back \"what was owed\" at their upcoming concerts here
Kia Carnival returns with new look, powertrain
The multi-seater is perkier than its predecessor despite having a smaller, more efficient engine
Porsche Macan 4 is punchy, comfy and city-friendly
The compact electric sport utility vehicle is also spacious and exceptionally stable at high speeds
