Russia's gross domestic product (GDP) will grow by 8-10 percent a year by the middle of this decade, Russian Financial Minister Alexei Kudrin told the federal parliament, State Duma, on Monday.

"In five or seven-year time, the economy growth will reach 8 percent to make it competent and modern. However, in the nearest three to five years, we won't see such a growth," RBC news agency quoted Kudrin as saying.

According to the minister, his forecast will be materialized if Russia will be less dependent on external economic environment and finds new areas of growth.

A few weeks ago, Kudrin forecast that Russian GDP growth would reach 8-percent pace in three to four years. This year, Russia's GDP growth is expected to be over 4 percent.