The Bank of Portugal expects the country’s economy to grow 1.3 percent in 2016, it stated in its latest forecast, published on Wednesday.

The Portuguese central bank had forecast in March that Portugal would record a gross domestic product (GDP) increase of 1.5 percent in 2016.

The Bank of Portugal estimates the country’s economy will expand by 1.6 percent in 2017, and by 1.5 percent in 2018.

The Portuguese Government thinks GDP will grow by 1.8 percent this year.

“The slowing down of economic activity in the past quarters, associated with the performance of exports and investment, reveals that the Portuguese economy remains very vulnerable to shocks,” the Bank of Portugal said in its latest forecast.