TAIPEI -- Taiwan on Friday slashed its 2013 GDP growth forecast to 2.4 percent from 3.59 percent as the faltering global economic recovery weighs on the island's economy.

The island's statistical authority also lowered its inflation forecast this year to 1.23 percent from the previous 1.37 percent.

However, the statistical agency revised upwards its figure for GDP growth in the first quarter this year to 1.67 percent from its previous estimate of 1.54 percent.

Statistics indicated that the island's economy is recovering but lacked momentum, the agency said.

It said that it had slashed its full-year growth forecast because of the "softened expansion of the global economy," "strong competition in specific industries" such as electronic communication products and high-tech gadget manufacturing, and weakened consumption demand in Taiwan.

Meanwhile, the situation in the eurozone will not improve in the short term and there is also concern about the growth momentum of the Chinese mainland and the U.S. economy, which does not bode well for the island's exports, it said.

Taiwan reported this week that export orders in April fell 1.1 percent from one year earlier, after having fallen 14.5 percent in February and 6.6 percent in March from their 2012 levels.

Before Friday, the last time Taiwan adjusted its 2013 growth outlook was in February, when it raised the forecast to 3.59 percent from 3.53 percent.