Development Ministry downgrades Polish GDP forecast

The Ministry of Development has lowered a GDP growth forecast for 2016 from 3.5 percent to 3.4 percent and held a CPI inflation forecast at -0.5 percent. The whole year consumption should stand at 4.1 percent (correction from 3.9 percent) and investment will grow by 1.1 percent (correction from 1.5 percent). Earlier, 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). According to the Central Statistical Office (GUS), Polish GDP grew by 3 percent in Q1 2016 and by 3.1 percent in Q2 2016. In mid-August, the Ministry of Development lowered a GDP 2016 growth forecast from 3.8 percent to 3.5 percent.