The British Chambers of Commerce downgraded its growth outlook for next year as unwinding of historically-high inventory levels amid weak business investment weigh on economic activity.

In the latest economic forecast the growth projection for 2020 was lowered to 1% from 1.3% and that for 2021 to 1.2% from 1.4%. However, the growth outlook for 2019 was lifted marginally to 1.3% from 1.2%, citing the exceptionally rapid stock-building ahead of the original Brexit deadline in March.

Gross domestic product was forecast to remain flat in the second quarter of 2019 after expanding 0.5% in the first quarter.

Business investment was expected to decline 1.3% this year versus prior forecast of 1% drop. Further, the lobby projected 0.4% growth next year, before improving to 1.1% in 2021.