Korea’s central bank marked down its national economic growth outlook on Thursday for the third time this year.

The Bank of Korea(BOK) curtailed its yearly forecast from two-and-a-half percent to two-point-two percent. Previously, the bank slashed its growth projection by point-one percentage point in January and April, respectively.

The bank also assessed that the nation’s potential economic growth slipped from the upper two percent range to between two-point-five and two-point-six percent. 

BOK Governor Lee Ju-yeol told reporters following a monetary policy committee meeting that the growth outlook was slashed due to worse-than-expected exports and investment in the first half of the year.

He added that it’s difficult to be optimistic about future economic conditions at the present time. 

Earlier in July, the Finance Ministry also lowered its growth forecast for the year to between two-point-four and two-and-a-half percent, down point-two percentage point from its previous projection.