Error when updating modules with Drush Iv managed to install Drush to the site on Go Daddy shared hosting(thanks to the greate tutorial!). Simple commands run without any errors, but when I try:

drush pm-update ctools


It returns:

    -bash-3.2$ drush pm-update ctools
The external command could not be executed due to an application error.                                                                                                    [error]
                                                                                         [error]

&lt;br /&gt;
&lt;b&gt;Parse error&lt;/b&gt;:  syntax error, unexpected '{' in &lt;b&gt;/home/content/XXX/XXX/drush/includes/environment.inc&lt;/b&gt; on line &lt;b&gt;518&lt;/b&gt;&lt;br /&gt;
, code: &lt;em class="placeholder"&gt;255&lt;/em&gt;)
Update information last refreshed: Wed, 04/18/2012 - 06:11

Update status information on all installed and enabled Drupal projects:
 Name                                                   Installed version     Proposed version  Status
 Address Field (addressfield)                           7.x-1.0-beta2         7.x-1.0-beta2     Up to date
     Administration menu (admin_menu)                       7.x-3.0-rc1           7.x-3.0-rc1       Up to date

    ...

Security updates will be made to the following projects: Chaos tool suite (ctools) [ctools-7.x-1.x-dev]

Note: A backup of your project will be stored to backups directory if it is not managed by a supported version control system.
Note: If you have made any modifications to any file that belongs to one of these projects, you will have to migrate those modifications after updating.
Do you really want to continue with the update process? (y/n):


The code of the line 518 in environment.inc

is 

517      try {
518      $db = new PDO($constr, $creds['user'], $creds['pass']);
519      $db = null;
520     }


Drupal is 7.12, Drush 5.1

What can be the reason of this error?

Also
In hosting cotnrol panel site is on PHP 5.3
But php -v returns 5.2.17
is it ok?
This is a common issue in the Drush queue on drupal.org and the consensus is that its related to your version of PHP that runs in client mode versus the version running on your web server, ex. http://drupal.org/node/1402120 or http://drupal.org/node/436968. Of course, some of these were related to PHP 5 vs PHP 4 issues and you're just one version behind on the client but it may help to alias your php version as explained here:

echo 'export PATH="$HOME/packages/bin:$PATH"' &gt; .bash_profile
mkdir -p packages/bin
ln -s /usr/local/php5/bin/php packages/bin/php


Patrick Kenny is right though that this parse error won't affect your upgrade in the end.