In its latest quarterly outlook report, the Economic and Social Research Institute (ESRI) which provides evidence-based research to inform public policy debate and decision-making, has cut its domestic economic growth forecasts for a third time this year.

As The Irish Times reports, the cut comes at a time as households and businesses rein in spending amid the cost-of-living crisis, coupled with rising interest rates in addition to a slow-down in global economic activity.

The latest set of figures from the ESRI, reveals that Irish modified domestic demand (MDD), which strips out some of the ways multinationals can distort activity, is now expected this year to expand by 0.6 per cent. The report shows that this equates to a third of the pace projected two months ago and a fraction of the 3.8 per cent growth rate as outlined in its first report of the year.

The ESRI which was founded more than 70 years, also said that it has also gradually reduced its MDD estimate for next year to 2 per cent.

This is half the rate predicted when compared to the start of the year.

For more figures and analysis, click here from the newspaper's coverage.