The German government's independent panel of economic advisers is trimming its growth forecast this year to 1.5 percent, citing growing risks to exports.

The forecast compares with the panel's 1.6 percent forecast from November. For 2017, it is predicting growth of 1.6 percent.

The economists said in a statement Wednesday the revision is "due to somewhat weaker external demand."

They identified global economic risks including "the potential for a more pronounced economic slowdown in China and other emerging markets," financial market turmoil, "increased geopolitical conflict," a flare-up of the euro crisis and Britain's referendum on European Union membership. However, they also said there's potential for stronger-than-expected growth in "Anglo-Saxon countries."

The German economy grew by 1.7 percent last year. It's traditionally export-heavy but has been fueled increasingly by domestic demand.