TAIPEI, Jan. 31 (Xinhua) -- Taiwan cut its economic growth forecast for the fourth quarter of 2018 to 1.76 percent, citing less-than-expected consumption and investment, according to the island's statistical authority Thursday.

The latest estimate was 0.26 percentage points lower than its forecast in November, the authority said in a statement.

The growth for the first quarter, the second quarter and the third quarter was 3.15 percent, 3.29 percent and 2.27 percent, respectively.

Based on such projection, the island also lowered its economic growth forecast for 2018 to 2.6 percent, down 0.06 percentage points from its earlier forecast, it said.

Although the island's exports witnessed growth for 10 consecutive quarters, its growth rate in the fourth quarter slowed significantly due to a weak global economy and poor sales of smartphones.

Poor sales of communication device and household appliances, as well as decline in wholesale and retail sales, also led to the downward trend in the fourth quarter.