16 July 2010
Singapore looks set to become the world's fastest growing economy this year, with government estimates showing that output grew at a record annual rate of almost 20% in the three months to June.
Click to hear the report:
Much of Singapore's growth has been fuelled by investment and tourism from overseas.
It has positioned itself as a high-end manufacturer. It makes complex nanotechnology, pharmaceuticals and biotech products like flu vaccines.
Exports of electronics alone were up 49% in June.
And visitors from wealthy neighbours China and Indonesia have flocked to its two new casino resorts, which opened in April.
But Singapore's main trading partner remains the European Union. And, despite austerity measures imposed by EU governments, exports to the bloc surged 75% in June.
That prompted Singapore's government to raise its annual growth forecast to a record high of between 13 and 15% for the year.
Pauline Mason, BBC News, Singapore
Click to hear the vocabulary:
- a high end manufacturer
a producer of sophisticated and expensive goods
engineering on a very small scale
- biotech products
industrial items made by microorganisms such as bacteria, yeasts or biological substances
medical preparations that prevent diseases
gone in large numbers
- casino resorts
holiday destinations for gambling
- austerity measures
steps to reduce spending
- the bloc
the group of countries