In December 2016, the Central Bank had estimated the Chilean GDP growth at between 1.5% and 2.5% in 2017.
Under the report's new GDP growth estimate range, the Chilean economy runs the risk of growing below 1.6% in 2017.
In 2016, the Chilean economy grew 1.6%, the lowest since 2009.
The report said that a major factor cutting the GDP growth forecast was the strike by workers of La Escondida in the first quarter of this year.
La Escondida is the world's largest copper mine. Its workers went on strike for 43 days, in the longest strike in the history of the Chilean mining industry.
The strike ended last March 23.
The Central Bank report said that, as a result of La Escondida strike, GDP growth for the first quarter of 2017 is close to 0%, adding that the strike would trim by 0.2% points the annual GDP figure for 2017.
In a more positive note, the report said that the Chilean GDP is expected to grow between 2.25% and 3.25% in 2018.
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