Taiwan's economic growth forecast for 2019 has been further lowered to 2.01 percent, according to the island's Academia Sinica.

Taiwan's outbound orders, exports and industrial production data have all showed sluggish performances due to the trade tensions between the Chinese mainland and the United States, the institution said.

Consumption of durable goods such as automobiles, telecommunications products and household electrical appliances has become conservative while the wholesale industry has seen an obvious drop in sales, it said.

The GDP growth rate for the first quarter of this year was only 1.71 percent year on year, it said.

The institution has also forecasted the jobless rate for 2019 in Taiwan to be around 3.7 percent.