Singapore's gross domestic product (GDP) for the second quarter of the year was revised higher on Monday, leading some analysts to suggest the economy's gloomy times could soon be over.
On an annualized basis, GDP rose 15.5 percent on the previous quarter, faster than an advanced estimate made a month ago of 15.2 percent, and above analyst expectations of 14 percent. The positive data comes after the Singaporean government hiked its growth outlook for 2013 to between 2.5 percent and 3.5 percent last week, from between 1 and 3 percent.
Now a number of analysts are turning more bullish on the economy and forecasting that the worst could be over.
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"We are keeping our fingers crossed and that if all goes well, we could even exceed 3.5 percent," said Seng Wun Song, regional economist at Singapore based CIMB bank. "We need all the bits to come together, and [this is] providing no external shocks go off."
Joey Chew, regional economist at Barclays, also upgraded his forecast for Singapore's growth to 3.1 percent in 2013, from 2.3 percent.
"Stronger-than-expected growth outcome in the first half of the year (2 percent year-on-year) owing to robust services activity, a low base in the first half of the year, and an improving global backdrop, led us to raise our full-year growth forecast," said Chew.
(Read more: Red flags for Singapore economy as exports slump)