Singapore's economic growth is expected to slow slightly more than estimated this year, according to survey of professional forecasters, published by the Monetary Authority of Singapore.

Economists forecast the city-state economy to grow 3.8 percent in 2014, down from the prior projection of 3.9 percent, the report showed Wednesday.

For the first quarter of 2014, the respondents expect GDP to expand 5.3 percent. This was a slight downgrade from the earlier 5.5 percent forecast.

The estimate for 2014 consumer price inflation was retained at 2.8 percent, while that for core inflation was raised slightly to 2.4 percent from 2.3 percent.

As for the labor market, the respondents continue to forecast the unemployment rate to be 1.9 percent by year-end.

Further, economists estimate GDP growth to remain at 3.8 percent next year, while CPI all-items and MAS core inflation are projected to come in at 2.6 percent and 2.4 percent respectively.

RTTNews