TAIPEI -- An independent think tank in Taiwan estimated on Friday that the island's GDP growth rate in 2013 will be 3.49 percent, lower than the Taiwan authority's target of 3.8 percent.

The Taiwan Institute of Economic Research (TIER) published a survey of economic climate indexes and estimation of 2013, saying that Taiwan's export-oriented economy will benefit from the gradually recovering global economic situation, especially the growing global trade and rising expectations.

However, private consumption and people's willingness to spend will be impacted by Taiwan's ongoing income distribution reform and the rising price index triggered by the looser monetary policies of the world's major economies.

The TIER estimated that Taiwan's private consumption growth rate in 2013 will be 2.41 percent, and export and import will increase by 4.36 percent, and 2.99 percent, respectively.

The think tank also said the island's private investment will increase by 4.43 percent due to the improved international situation and stimulating policies from Taiwan's economic authority.

Last month, the authority set a target of a 3.8-percent growth in 2013. It hoped to push private investment as another growth engine besides export.