Chart of the Day: Is Singapore's GDP finally headed for a recovery?

Don't be too excited, analysts say.

Singapore has posted a series of impressive economic data of late: Manufacturing output rose 4.8% month-on-month in April, while the production index expanded for the first time in 10 months in May.

However, those looking for green shoots in the economy will have to wait longer for a substantial recovery, according to a report by DBS.

DBS warned that apart from th electronics and biomedical clusters, Singapore's other industries are still in contraction mode as the manufacturing sector struggles with weak demand.

"Expecting the manufacturing sector to lift the economy out of the current doldrums seems a stretch. Much really depends on the performance of the services sector, which accounts for two-thirds of GDP, but is backpedalling," said the report.

There isn’t any sign of a turnaround as yet.In short, “not worsening” doesn’t mean an uptrend is in the making. Things could move either way or even sideways. Plainly, those searching for “green shoots” may soon find themselves staring at a bunch of weeds.