MOSCOW, 10 February. /TASS/. The decline in the Russian economy by the end of 2022 reached 2.5%, the Bank of Russia said on Friday.

"As estimated by the Bank of Russia, 2022 GDP decreased by 2.5%. In late 2022 and early 2023, flash data suggest that business and consumer activity trends, as well as those of foreign trade, are evolving better than forecast by the Bank of Russia in October," the regulator said.

Earlier on February 10 the Bank of Russia decided to retain the key rate at 7.5% per annum at its first meeting this year. "On 10 February 2023, the Bank of Russia Board of Directors decided to keep the key rate at 7.50% per annum. Current price growth rates are increasing, remaining moderate in terms of sustainable components. Inflation expectations of households and businesses edged down but remain elevated. Economic activity trends evolve better than the Bank of Russia’s October forecast," the statement said.

The next meeting of the Bank of Russia's Board of Directors, which will discuss the key rate, is scheduled for March 17, 2023.