The Portuguese economy is expected to shrink by 1.9 percent this year as weaker economic growth abroad contributes less to exports, Portugal's central bank said Tuesday.

"These projections imply a lower revision of GDP growth projections in 2013 compared to the Autumn Economic Bulletin, which essentially reflects the materialization of the risks identified then of a less favorable world economic growth," the Bank of Portugal said in a press release.

The bank's Autumn Bulletin released last November had predicted the country's gross domestic product (GDP) would contract by 1.6 percent in 2013.

It also lowered its growth projections of exports in 2013 from 5 percent to 2 percent.

As for 2014, the Portuguese economy would expand 1.3 percent, the bank said.