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ICM sector grew at CAGR of 7.2% between 2011-2015
THE nominal value-added (VA) of Singapore's infocomm media (ICM) sector grew at a compound annual growth rate (CAGR) of 7.2 per cent between 2011 and 2015.
This outpaced the 4.2 per cent growth recorded by the overall economy, according to a report by economists Reuben Foong, Ngiaw Kwee Ann and Ng Woon Chian of the economics division in the Ministry of Trade and Industry. In 2015, the sector's nominal VA totalled S$32 billion, with the bulk coming from hardware (40 per cent), telecommunications (16 per cent) and IT services (15 per cent). By 2015, the sector employed around 200,000 workers.
In tandem with this growth, the sector's contribution to the economy went up from 7.4 per cent of nominal GDP in 2011 to 8.3 per cent in 2015.
Factors fuelling the growth of the sector include the rising demand for digital goods and services from both individuals and companies, as well as advancements in digital infrastructure.
Productivity of the sector (in value added per worker) rose at 4.6 per cent per year between 2011 and 2015, at a faster clip than the 0.6 per cent per year increase in the overall economy.