The projection is in line with last week's forecast by the Institute of Macroeconomic Analysis and Development, a government think-tank whose figures are used by the government in budgeting.

Foreign forecasters have made similar projections, with the International Monetary Fund (IMF) and the EU both forecasting a 2% contraction and the Organisation for Economic Cooperation and Development (OECD) projecting a 2.1% decline in GDP.