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.

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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