MOSCOW (Xinhua) -- Russia's gross domestic product (GDP) will decline by 3-3.5 percent in 2022, the country's Central Bank forecast in a statement on Friday.

The bank said that the gross domestic product will contract by between 1 to 4 percent in 2023, but the Russian economy will start to grow during the second half of that year, while the gross domestic product will witness an increase ranging from 1.5 to 2.5 percent on an annual basis in 2024 and 2025.

He pointed out that the inflation rate in Russia continues to decline gradually, with growth in consumer prices slowing to 13.7 percent on an annual basis in September, compared to 14.3 percent recorded in August.

With the inflation pressure weak, the central bank decided to keep the annual key interest rate at 7.5 percent.