SINGAPORE: The digital economy in Singapore has demonstrated remarkable growth, contributing 17.7% to the nation’s GDP last year, amounting to S$113 billion.
This development surpasses the financial and insurance sectors and is now on par with the manufacturing industry, solidifying the digital economy’s role as a vital component of Singapore’s economic landscape.
Between 2018 and 2023, the digital economy’s compound annual growth rate was recorded at 11.2%, nearly double the overall economic growth rate during the same period. The remaining contributions arise from the integration of digital technologies across various non-information and communication industries.
Commonly adopted digital tools include accounting software, document management systems, and digital marketing solutions.Notably, businesses that implemented digital solutions under the Productivity Solutions Grant reported an average cost savings of 50% between 2018 and 2023.
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