Singapore's economy expanded 5.1 percent on year in the first quarter of 2014, in line with expectations, according to advanced estimates released on Monday.
The reading was slower than the 5.5 percent on-year expansion in the final quarter of 2013.
On a quarter-on-quarter, seasonally adjusted and annualized basis, the economy grew just 0.1 percent, slowing from 6.1 percent in the final quarter of 2013.
The city-state's manufacturing sector was a bright spot, growing 8 percent on year following the previous quarter's 7 percent expansion, helped by a sharp rebound in biomedical manufacturing output and stronger growth in chemicals output.
The construction sector grew by 6.5 percent, up from 4.8 percent growth recorded in the preceding quarter, boosted by public sector construction activities.
Growth in the services producing industries, meantime, cooled to 4.7 percent, compared with 5.9 percent in the previous three months, due to slower expansion in the wholesale and retail trade and the finance and insurance sectors.
Singapore's central bank also maintained its tight monetary policy stance on Monday, allowing a 'modest and gradual' appreciation of the local dollar in order to guard against inflationary pressures.
The Monetary Authority of Singapore (MAS) conducts monetary policy by managing the rise or fall of the local dollar against the currencies of its main trading partners.
This policy stance, which has been in place since April 2012, was assessed to be appropriate, taking into account the balance of risks between external demand uncertainties and rising domestic inflationary pressures, MAS said.
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