The German government on Wednesday lowered its growth forecasts for 2016 due to the slowdown in emerging economies, which could lead to lower exports. The government expects the German economy to expand 1.7% this year, down from its previous forecast of a 1.8% growth.

Exports are expected to rise 3.2% in 2016, while imports are expected to increase 4.8%.

The government forecasts domestic consumption to rise 1.9% this year.