The economy of Cape Verde is expected to expand by between 1.5 percent and 2.5 percent year-on-year in 2016, the nation’s central bank estimated.

The projection was announced in the Bank of Cape Verde’s latest Monetary Policy Report, which was published last week.

“The projection of a lower economic growth, compared to what was projected in December, reflects the developments in domestic and international macro finances, in a context [of] an increase in uncertainty,” the bank stated in the report.

In December 2015, the central bank had projected a year-on-year economic growth for 2016 of between 2.5 percent and 3.5 percent.

Cape Verde’s gross domestic product grew by 1.5 percent year-on-year in 2015, the country’s National Statistics Institute announced last week.