According to data from the Economic Development Board, manufacturing output in Singapore raced to 58.6%, last month. It increased by a record level, as compared to the last year. The growth has surpassed the expectations of most of the people and also surprised the economic experts.

It was mainly fueled by a 117% growth of the bio medical industry and the pharmaceuticals industry also gained by 122, as compared to the last year. The other segments of the industry also witnessed strong growth.

The technology sector also grew by nearly 15% and all the segments of the economy appear to be doing well. Economic experts stress that the strong performance of the economy will lead to an upward revision. It is expected that the economy will grow almost 16 to 20%, as compared to nearly 15% in the last quarter.

The Singapore Government will also need to revise the economic growth, which was earlier expected to be around 7 to 9% for the current year.

The overall improvement in the global economy has improved the position of the Singapore economy, considerably. The growth in the Asian markets is also expected to help Singapore achieve a better rate of growth.

Experts also feel that the manufacturing sector is also expected to remain on a strong footing, in the coming days.