Last updated at 16:03 BST, Monday, 26 July 2010

Singapore reports economic growth

Summary

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.

Reporter:
Pauline Mason

Singapore

Singapore's financial district

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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

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Vocabulary

fuelled

increased

a high end manufacturer

a producer of sophisticated and expensive goods

nanotechnology

engineering on a very small scale

biotech products

industrial items made by microorganisms such as bacteria, yeasts or biological substances

vaccines

medical preparations that prevent diseases

flocked

gone in large numbers

casino resorts

holiday destinations for gambling

austerity measures

steps to reduce spending

the bloc

the group of countries

surged

increased suddenly

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