VIENNA, Jan. 31 (Xinhua) -- The Austrian economy grew 0.8 percent in the final quarter of 2017 to cap a strong year of growth, the Austrian Institute of Economic Research (WIFO) said on Wednesday.

In its latest flash economic report, WIFO said the GDP growth follows a similar 0.9 percent in the third quarter, and by current prognoses, growth for the year 2017 at 2.9 percent.

This comes in slightly lower than the institute's last forecast of a three percent growth in December.

WIFO experts said the final quarter marked the continuation of economic growth occurring on a "wide basis" across the economy.

It noted that private consumption had remained strong, expenditure increasing 0.4 percent while public consumption increasing an even greater 0.6 percent.

Exports also remained a pillar of the growing economy, increasing 1.8 percent compared to 1.3 percent in the third quarter.