Infocomm industry reports 8% growth in 2005

27 Feb 2006

Singapore’s IT industry was worth an estimated USD22.7 billion in 2005, a healthy 8% growth year-on-year, according to the Infocomm Development Authority (IDA) citing Lee Boon Yang, minister for information, communication and the arts. The sector now contributes more than 6% of the city state’s GDP and is expected to grow as tech-savvy Singaporeans continue to exploit the internet. The government says 74% households own a personal computer, and 28% have two or more. Moreover, a 2005 survey of IT usage showed that more than half of the households with internet access are already on broadband connections. Nonetheless, the government is keen to innovate and is planning to construct a national high speed broadband network – dubbed the National Broadband Network – covering all homes, schools and offices that will be a catalyst for the ‘growth of a creative economy’.