Singapores digital economy – from e-commerce to social media – nearly doubled in five years
Summary
Vistors to Marina Bay walk on a bridge with a view of the Central Business District in Singapore on Sunday, 18 June 2023. (Photo by Joseph Nair/NurPhoto via Getty Images) (Photo by Joseph Nair/NurPhoto via Getty Images) SINGAPORE — Singapores digital economy contributed to more than 17% of its gross domestic product in 2022 — higher than the 13% logged in 2017, according to a report by the countrys Infocomm Media Development Authority. They include economic outcomes as a result of firms investing in digital technologies that build value such as reach customers better, optimize business processes as well as innovate products and services. Based on the latest available data, the digital economies of Estonia, Sweden and the United Kingdom accounted for 16.6%, 15% and 16.1% of their respective GDPs in 2020. Comparatively, Singapores digital economy performed better, contributing to 16.7% of its GDP in 2020.