South Korea's central bank on Thursday revised down its 2016 growth forecast for the economy to 3.0 percent from an earlier estimate of 3.2 percent.

The downward revision reflected the Bank of Korea (BOK)'s pessimistic views on the economy, caused by a drop in global oil prices and China's economic slump.

South Korea's exports, which account for about half of the economy, maintained a downward trend for 12 months to December. Oil products exports declined due to cheaper oil, while export momentum weakened due to weaker demand from China, South Korea's largest trade partner.

The U.S. Federal Reserve's turn into tightening monetary policy is expected to have a negative effect on emerging economies, including South Korea.

The bank's outlook of 3.0 percent was slightly lower than the finance ministry's forecast of 3.1 percent, but it was higher than the figures from economic think tanks ranging from 2.5 percent to 2.8 percent.

Outlook for this year's consumer price inflation was revised down to 1.4 percent from 1.7 percent estimated three months earlier.

The bank expected the headline inflation to face downward pressures due to lower crude oil prices. Dubai crude, South Korea's benchmark, is expected to increase from the 30-dollar level in the first half to nearly 50 dollars in the second half.

Private consumption is expected to grow 3 percent in 2016, higher than 2.6 percent in 2015. But negative factors remained such as the end of consumption tax cuts and slowing home transactions.

Facility investment is forecast to rise 3.8 percent this year, much lower than 5.1 percent last year.

Exports are expected to increase 2.2 percent in 2016 thanks to modest recovery of the global economy.

Current account surplus is predicted to post 98 billion dollars this year, before falling to 82 billion dollars in 2017.

The BOK's 2017 outlooks for economic growth and consumer price inflation were set at 3.2 percent and 2 percent respectively.