The Bank of Portugal expects the country’s economy to grow 0.9 percent in 2014, down a tenth of a percentage point on the government’s forecast. The Portuguese central bank estimates growth of 1.5 percent in 2015, in line with the government’s estimate, according to the bank’s Winter Economic Bulletin.

The bulletin forecasts that in 2016 Portugal’s gross domestic product (GDP) will grow 1.6 percent instead of 1.7 percent as previously estimated, according to news portal Macauhub.

Despite keeping its forecast for 2014 and 2015 unchanged, the Bank of Portugal now expects stronger growth in domestic demand and lower exports.

In the document, the central bank pointed to “not inconsiderable execution risks” regarding the National Budget for 2015, already approved by the country’s Parliament.