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SINGAPORE -- Singapore's digital economy contributed 17.3 percent to its gross domestic product (GDP) in 2022, up from 13 percent in 2017, according to a report by the Infocomm Media Development Authority (IMDA) Friday.
The report defines Singapore's digital economy by value-added in the Information and Communications (IC) sector and value-added figures from digitalization across the rest of the economy.
The IC sector is one of the key drivers of Singapore's economy, contributing 33 billion Singapore dollars (24 billion U.S. dollars) or 5.4 percent of the overall GDP in 2022, the report said.
The digitalization across the rest of the economy also progressed at a robust rate, accounting for 73 billion Singapore dollars of the GDP, the report added.
The growing digital economy also created a robust demand for tech professionals in Singapore. The number of tech jobs grew from 155,500 to around 201,100 between 2017 and 2022, accounting for 5.2 percent of total employment, the report noted.
Tech professionals received a competitive income, with a median monthly wage of 7,376 Singapore dollars, compared to the overall residents' median wage of 4,500 Singapore dollars, according to the report.
IMDA developed the Singapore Digital Economy report in partnership with the Lee Kuan Yew School of Public Policy of the National University of Singapore.
