The ministry estimated that the economy would grow by only 0.5% this year compared to the previous expectation of 0.8%.
Moreover, next year’s growth prospects also declined to 1.4% from the previous estimation of 1.8%.
According to the ministry, the international economy has shown encouraging signals but growth was still fragile.
The ministry also pointed out that private consumption had not been growing at all as this year; the growth was propelled by exports only.
The unemployment rate also continued to rise. The ministry predicted an 8.4% unemployment rate for the whole year.
The ministry expected a slight increase in private consumption and growth on a broader basis in the next year.
It also predicted that public finances would remain in deficit for the period 2014-2016.
