In 2024, Singapore’s digital economy contributed S$128.1 billion, or 18.6% of the country’s GDP, growing by S$12 billion from the previous year and outpacing overall GDP growth with a 12% compound annual growth rate since 2019. About two-thirds of this contribution came from the digitalisation of traditional sectors like finance, insurance, wholesale trade, and manufacturing, while one-third came from the information and communications sector. Tech employment also grew, with 214,000 professionals making up 5.3% of total employment, and median monthly wages for local tech workers rising 13.6% year-on-year to S$7,950.
Demand for AI and data-related roles surged, with AI-related job postings increasing across all sectors, particularly in information and communications. AI adoption rates also climbed significantly, especially among SMEs, where usage tripled to 14.5%, driven by off-the-shelf generative AI tools like ChatGPT and Copilot. Firms adopting AI reported substantial cost savings—up to 71% for cybersecurity solutions. In terms of skills, Python and SQL saw increased demand, while traditional web development tools like JavaScript and HTML became less frequently listed due to automation within development platforms.
Jacob, C. (2025, October 6). Singapore’s digital economy contributes 18.6% to GDP as tech jobs and AI adoption grow. Channel News Asia. https://www.channelnewsasia.com/singapore/digital-economy-gdp-tech-jobs-ai-adoption-business-5385976
Photo source: iStock. (n.d.). [Stock photo depicting AI technology in business setting] [Photograph]. https://www.channelnewsasia.com/singapore/digital-economy-gdp-tech-jobs-ai-adoption-business-5385976