BofA Merrill Lynch revises down GDP forecast for Poland

Bank of America Merrill Lynch (BofA) has revised down the Poland's GDP growth forecast for this year from 3.6 percent to 3.3 percent following a weak Q2 2016, a statement informed. BofA also changed its estimates regarding Poland's budget deficit, claiming the shortfall is "likely to be lower than 2.9 percent." According to the Central Statistical Office (GUS), Polish GDP grew by 3 percent in Q1 2016 and by 3.1 percent in Q2 2016. Deputy Prime Minister and Development Minister Mateusz Morawiecki said Poland's GDP may grow by 3.4-3.5 percent in 2016 (in case of exceeding the 3.5 threshold in GDP growth in Q3-Q4 2016). Earlier in June, the World Bank maintained its economic forecast for Poland's economy at 3.7 percent in 2016, and 3.5 percent in 2017-2018, while Fitch Ratings downgraded its GDP forecast to 3.2 percent in 2016, keeping it at 3.5 percent in 2017-2018. The European Commission upped its forecast to 3.7 percent in 2016 and 3.6 percent in 2017. The International Monetary Fund estimated that Poland's GDP will grow by 3.6 percent and remain at this level in 2016 and 2017.