Singapore's digital economy – from e-commerce to social media – nearly doubled in five years

Singapore's digital economy contributed over 17% to its GDP in 2022, up from 13% in 2017. The growth of the digital economy is driven by the increasing adoption of digital technologies by enterprises. The digital economy is divided into the information and communications sector and digitalization in the rest of the economy. The information and communications sector accounted for one-third of the digital economy, while digitalization in the rest of the economy accounted for two-thirds. The key sub-sectors driving growth in the information and communications sector were games, online services, and e-commerce. The value-add from digitalization in the rest of the economy increased significantly, driven by sectors in finance and insurance, wholesale trade, and manufacturing. The growth of digitalization is supported by more firms adopting digital technologies, leading to an increase in tech jobs. Despite recent layoffs in the tech sector, the demand for tech jobs is expected to remain resilient as the digitalization of the economy deepens.