UK Commerce Chambers Cuts GDP Growth Outlook for 2017 by 1.3% Amid Brexit

The British Chambers of Commerce (BCC) downgraded the UK gross domestic product's growth forecasts by 1.3 percent for the next year amid uncertainty caused by the country's potential exit from the European Union, the association said on Monday in a statement.

MOSCOW (Sputnik) — According to the statement, UK GDP growth rates will drop from expected 1.8 percent in 2016 to just 1 percent in 2017 with a pick-up of 0.8 percent in 2017.

"Our forecast suggests that the UK is likely to avoid a recession, but with the health warning that businesses are still digesting the result of June's EU referendum and the challenges and opportunities to come," Adam Marshall, BCC acting director general, was quoted in the statement as saying.

On June 23, the nationwide referendum on EU membership was held in the United Kingdom, in which 51.9 percent of voters supported the country leaving the bloc. Brexit supporters have used the migration issue as one of the main arguments to persuade people to vote for leaving the European bloc.