Portugal’s economy will grow by smaller amounts in the next two years than forecast, due to weaker than expected exports, the nation’s central bank said on Wednesday.

According to the latest Bank of Portugal forecasts, the gross domestic product (GDP) of Portugal would rise 1.7 percent in 2016 and 1.8 percent in 2017, compared to its estimates issued in June of 1.9 percent and 2 percent, the financial news agency Bloomberg reported.

“The main risk factors are the possibility of a more moderate recovery of global activity and global trade flows, particularly in emerging economies,” the central bank was quoted as saying.

Portuguese exports are likely to have risen 5.3 percent this year. Export growth would slow to 3.3 percent next year, said the central bank. It also cut on Wednesday its projection for this year’s economic growth in Portugal; to 1.6 percent from 1.7 percent.