Russian economy to shrink 7.5pc in 2009: Medvedev

Russia's gross domestic product (GDP) will shrink 7.5 percent in 2009, President Dmitry Medvedev said in an interview released Sunday, after earlier government predictions of an eight percent drop.
"This year, we expect to see the GDP decline by about 7.5 percent," Medvedev said in an interview with Russia's Channel One state television, according to a transcript released by the Kremlin.
Last month, Russian Prime Minister Vladimir Putin put the expected decline in GDP at eight percent or slightly less, following earlier official forecasts that it would shrink 8.5 percent.
The Russian economy, which is largely based on the export of oil, gas and other commodities, was badly hit by the global financial crisis after years of enjoying strong growth.