The government formally expressed concern over sluggish economic growth, citing lackluster investments and a slowdown of growth in exports.

In its monthly assessment report on Friday, the finance ministry said the economy is at the risk of losing steam as external factors are likely to have an adverse impact on investment and export growth amid high inflation.

It is the first time this year that the ministry expressed concern over an economic slowdown in its monthly report, known as the Green Book.

While outbound shipments expanded 21-point-three percent last month, the daily average considering working days only grew ten-point-seven percent, slowing down from April's 15-point-three-percent growth.

Facilities investment dropped seven-point-five percent compared to April, continuing the three-month downward streak.

Amid high inflationary pressure, consumer prices last month jumped by a near 14-year high of five-point-four percent.