A domestic think tank has lowered South Korea's growth outlook for this year to two-point-four percent from a previous two-point-six percent estimate made last November. 

The Korea Institute of Finance said Thursday it has revised the growth forecast downward in consideration of a slowing global economy and decreasing global trade volume.

The institute said the revision reflects sluggish exports and domestic investment and a deterioration in the first quarter of economic indicators.

The think tank forecasts private sector spending to grow two-point-four percent this year compared to last year's two-point-eight percent growth.

The growth rate is expected to modestly increase from two-point-two percent in the year's first half to two-point-six percent in the second half. 

The institute further predicts negative growth of minus three-point-nine percent in construction investment this year, following minus four percent contraction last year.

Facility investment is also forecast to edge down one-fourth of a percent this year as large scale investments in semiconductors are slowing and companies delay new investment decisions.