The German government cut its 2015 growth forecast to 1.7% on Wednesday, down from its April forecast of a 1.8% rise. The government said that the downward revision was driven by the slowdown in the Chinese economy and in other emerging economies.

The German economy is expected to expand 1.8% next year.

"The German economy is continuing to grow. It remains on track despite the subdued outlook for the global economy with weaker growth in China and commodity-rich emerging markets," German Economy Minister Sigmar Gabriel said.

German Economy Ministry said that private consumption will be the main contributor to growth this year. The ministry revised its private consumption forecasts for 2015 and 2016. The private consumption is expected to increase by 1.7% in 2015, down from April estimate of a 2.0% gain, and 2.1% in 2016, up from April estimate of a 1.8% rise.