The UK economy will not grow as fast as previously forecast, according to the British Chambers of Commerce (BCC), which blames falling trade and manufacturing.
The Chambers has downgraded its forecast for growth in 2015 from 2.6% to 2.4%. It also expects the economy to grow by 2.5% in 2016 and 2017, down from earlier estimates of 2.7%.
The new forecast comes after official figures from the Office for National Statistics (ONS) in November showed that growth in the third quarter between July and September was at 0.5%, down from the 0.7% increase seen in the second quarter.
The BCC said that slowing growth in the third quarter contributed to its decision to downgrade its forecast. But director general John Longworth said: "Our persistently weak trade performance and current account balance are impacting our overall growth."
Mr Longworth also echoed calls for the UK to rebalance its economy. He said that the services sector, which accounts for roughly 70% of GDP is also not likely to grow as fast as expected.
Various economists, including governor of the Bank of England Mark Carney, have previously called on the government to boost efforts to make the economy less reliant on consumer spending by increasing manufacturing and exports.
