The government has slightly lowered its growth estimate for this year to the range of two-point-four percent to two-point-five percent, citing worsening external economic conditions.

The government presented the revised growth outlook on Wednesday during a meeting between the heads of economy-related ministries in Seoul.

The revised growth estimate is a point-two percentage point reduction from Seoul’s earlier projection issued in December last year. The government said the economy will grow two-point-six percent next year, citing other global growth forecasts.

The government explained that while domestic consumption is moderately improving, exports and investment slowed more than expected late last year due to deteriorating external economic conditions. 

South Korea's facility investment slipped 17-point-four percent in the first quarter from a year earlier and exports decreased for the seventh consecutive month in June amid the prolonged trade war between the U.S. and China. 

The government said the latest growth projection is based on the assumption that a six-point-seven trillion won supplementary budget will pass the National Assembly this month.

A finance ministry official said earlier that the growth outlook could be lowered further unless parliament quickly approves the extra budget, something the government vowed to ensure will happen.

The government also said it would execute more than 70 percent of the budget within the first two months following the bill’s passage to ensure it gains traction quickly.

The government also projected the nation will add an average of 200-thousand jobs per month this year, revising its monthly on-year job growth target from its earlier estimate of 150-thousand.

The growth figures do not take into account Japan’s recently-announced export restrictions on key materials used in Korea’s tech sector, including inputs for semiconductors, which account for some 20 percent of Korea’s exports.