The British Chambers of Commerce released its U.K. GDP growth forecast on Friday. The U.K. economy is expected to grow at 2.3% in 2015, down from the previous forecast of a 2.7% rise.

According to the British Chambers of Commerce, the slowdown is temporary.

While this slowdown will serve as a warning about the strength of our economic recovery, we believe the UK will secure steady growth in the years to come," John Longworth, Director General of the British Chambers of Commerce, said.