Portugal’s central bank forecast on Wednesday the economy of the European country would grow 1.5 percent in 2016, Chinese state-run news agency Xinhua reported. The forecast was 0.2 percentage points lower than its previous estimate made in December.

In a report concerning the Portuguese economy for 2016-2018, the central bank said growth would accelerate to 1.7 percent and 1.6 percent in 2017 and 2018, respectively.

The more pessimistic estimate by the central bank for this year was due to the worsening international economic environment and a slowdown in investment, the report said.

Portugal’s central bank expected exports would contribute 0.6 percentage points to economic growth this year, compared with a December forecast indicating exports would add 0.8 percentage points of growth.

The Portuguese government forecast in its state budget – approved earlier this year – that the country’s economic growth would reach 1.8 percent in 2016.