British Chambers of Commerce Downgrades UK GDP 2016 Growth Forecast by 20%

British Chambers of Commerce (BCC) has reduced its GDP growth figures in its economic forecast for the United Kingdom from 2,2 percent to 1,8 percent in 2016, according to a BCC report published Monday.

MOSCOW (Sputnik) – According to the BCC, the core reasons for the forecast's re-examination were the decrease in investments and weakening of the consumer expenditure that hit the country after the Brexit referendum.

"In its first economic forecast since the EU referendum, the British Chambers of Commerce (BCC) has today (Monday) downgraded its UK GDP growth forecast, from 2.2% to 1.8% in 2016, from 2.3% to 1.0% in 2017, and from 2.4% to 1.8% in 2018," the report said.

This would result in 43,8 billion pounds ($58.4 billion) loss at the end of the current fiscal year compared to a previous forecast. If the 2017 forecast is true, the figures would constitutes the slowest growth of the country's economy since 2009.

On June 23, the United Kingdom held a referendum to determine whether or not the country should leave the European Union. According to the final results, 51.9 percent of voters, or 17.4 million people, decided to support Brexit, while about 16.1 million opposed it.

UK Chancellor of the Exchequer George Osborne said earlier this month that the Brexit decision has impacted the national economy forcing companies to cut back on investments.