Last week, the World Bank put the contraction at 7.9 percent, compared with 4.5 percent that it forecast earlier, while the Organization for Economic Cooperation and Development estimated a 6.8 percent drop, which is greater than the 5.6 percent it estimated earlier.
The ministry was more optimistic in its inflation forecast. It downgraded the inflation estimate for the year to 12 percent to 12.5 percent, down from 13 percent.
The country's trade balance also improved slightly in the ministry's revised outlook. Imports are now seen at $190 billion, down from $194 billion, while exports are seen at $274 billion, up from $254 billion.
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