Russian economy to shrink 7.5 pc 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.