TAIPEI -- The Taiwan Institute of Economic Research (TIER), one of the leading think tanks on the island, on Monday cut its forecast for Taiwan's 2016 gross domestic product (GDP) growth to 0.77 percent.

The reading is down 0.5 percent from TIER's forecast of 1.27 percent made in April. It also marked its third downward revision this year.

TIER said the cut was due to the island's weakness in actual exports and export orders. Latest figures showed Taiwan's export orders saw a year-on-year drop of 2.4 percent in June, the 15th consecutive month of contraction.

Declining consumer confidence and investments in construction projects are also among the factors affecting the island's growth, TIER said.

Other factors, including the International Monetary Fund's lowering of its growth forecast for the global economy and trade and Britain's vote to leave the European Union, have impacted the global financial market, generating new uncertainties about the prospects of the global economy, TIER added.