Much of Singapore growth has been fueled by tourism and investment from overseas. Is has positioned itself as a high-end manufacturer. It makes complex nanotechnology, pharmaceuticals and biotechnology products like flu vaccines.
Export of electronic alone were up 49% in june. And visitors from wealthy countries like china and indonesia have flocked to the new casinos, which opened in April.
But singapore's main trading partner remains the European Union. And despite austerity measure imposed by european union, Exports of the bloc surged 75% ion june. That prompted singapore's government to increase its annual growth forecast to a record high of between 13 to 15% for the year.
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