Germany's central bank on Friday lowered the economy's growth projections for this year as well as the next and said "structural problems" in Eurozone remained a major impediment to rapid improvement.

Bundesbank said it expects German gross domestic product to grow 0.3 percent this year, weaker than 0.4 percent forecast in December. The economy is seen growing 1.5 percent in 2014, down from an initially predicted 1.9 percent expansion.

"Much will depend on whether the economic situation stabilizes in euro area countries and whether expansionary forces will gradually gain the upper hand there," Bundesbank President Jens Weidmann said in a statement.

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