DUBLIN (AFP) -- Ireland's economy will grow at a slower-than-expected pace in 2006, according to the latest analysis published Tuesday by the country's leading economic think tank.

In its quarterly economic commentary, the ESRI forecast that the rise in gross domestic product (GDP) growth will be 4.7 percent this year.

That compared with its October forecast of 5.0 percent.

The Economic and Social Research Institute also revised downwards its prediction for gross national product (GNP) growth.

It forecasts 4.8 percent GNP growth this year, down from 4.9 percent in the October analysis.

GNP is the more favored Irish growth measurement. It is regarded as a more accurate barometer of the country's economic performance as it strips out substantial repatriated foreign investment profits.

The ESRI said that the main driver of Irish economic growth in 2006 would be consumption, which is projected to increase by 5.6 percent.

Exports meanwhile were forecast to recover from a weak performance in 2005.

"However, the growth in Ireland's exports is forecast to be below the growth in world exports," the ESRI analysis said. "This suggests that Ireland's share in world trade will decline in 2006, thereby continuing a trend that began in 2002. This will contribute to a widening in the balance of payments deficit."

Last week, Ireland's Central Bank predicted that GDP growth in 2006 would reach 4.75 percent, while GNP would be 4.5 percent -- both forecasts unchanged by the bank since its previous quarterly analysis.