The National Institute of Economic and Social Research (NIESR) lowered its GDP growth forecast for the U.K. The U.K. GDP is expected to grow 2.5% in 2015, down from the previous estimate of 2.9%. The NIESR expects the U.K. economy to expand at 2.4% in 2016.

The NIESR said that the economic growth will be driven by consumer spending this year.

The unemployment rate is expected to decline to around 5.25% at the end of the year.

The productivity growth in the U.K. remains the largest uncertainty to the economy, according to NIESR.

The inflation is expected to decrease slightly this year.