(MENAFN) The British Chambers of Commerce (BCC) revised down its forecasts on Britain's GDP growth, and warned that the country's economic growth faces a number of obstacles, Xinhua reported.
The business network organization expects a 3.0, 2.6, and 2.4 percent GDP growth separately for Britain from 2014 to 2016, slightly lower than its previous estimation of 3.2, 2.8 and 2.5 percent.
Though household consumption and services output are forecast to grow more slowly than predicted in the third quarter, they will be the main contributors to GDP growth in the next few years, said BCC.
BCC also forecasts that British quarterly GDP growth will remain at 0.7 percent in the fourth quarter of 2014, followed by a slowdown to 0.6 percent per quarter from the first quarter of 2015 onwards.
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