The Singapore economy is set to grow at a slower than estimated pace in 2013, the survey of professional forecasters from Monetary Authority of Singapore showed Wednesday.

The respondents project the city-state economy to grow 2.3 percent this year, down from the prior estimate of 2.8 percent.

For the second quarter of 2013, the respondents expect GDP to expand by 1.5 percent, which was lower than the 2 percent that was reported in the earlier survey.

The CPI inflation is seen at 2.8 percent this year compared to the previous forecast of 3.8 percent. Similarly, the respondents expect MAS Core Inflation to be 1.8 percent in 2013, compared to 2 percent previously.

As for the labor market, the respondents estimate the unemployment rate to be 2 percent at year-end.

For next year, the respondents forecast 3.8 percent economic growth and 3.1 percent CPI inflation.

RTTNews