The German Chambers of Commerce (DIHK) said in its survey on Thursday that the German economy will expand at lower pace than forecasted by the government. DIHK expect the economy to grow 1.7% in 2015, down from its previous estimate of 1.8%, and 1.3% in 2016.

The German government forecasted the country's economy to expand 1.7% in 2015 and 1.8% in 2016.

The weak growth in emerging economies is a risk to the German economy, according to DIHK.

"Several emerging markets, such as in South America, are weakening. Heavyweight China is entering a notable weaker growth path. The robust performance in the U.S. and Europe is supporting German export business, but can only partly compensate for their negative development," DIHK said.