Singapore's 2013 GDP prediction jumps to 3-3.5%

But things aren't great yet.

According to CIMB, thanks to the volatile pharmaceutical cluster, a “less bad” tech, and a handful of service-producing industries, 1H13 GDP expanded by 2% y0y. 

Leading indicators such as the global PMI and OECD leading indicators continue to suggest moderate growth.

Here's more from CIMB:

That said, the exports of export-oriented Asian economies, especially Singapore’s, have yet to rebound meaningfully, and in its latest update in Jul 13, the IMF said that the global economy was “growing more slowly than expected, with risks to that growth increasing especially in emerging markets”.

Nonetheless, on the back an undemanding year-ago base (+0.8% yoy in 2H12) and the 1H13 growth of 2% yoy, we are raising our full-year forecast for 2013 to 3.0-3.5% from 2-3% previously. Things are better, but they are not great because it is not a broad-based recovery.