The Austrian economy has continued to gain modest momentum with 0.3 percent gross domestic product (GDP) growth in the second quarter, the Austrian Institute of Economic Research (WIFO) stated Friday.

This figure was a slight growth increase from the first quarter when 0.2 percent growth was recorded, and remains in line with WIFO's preliminary calculations made at the end of July.

The institute put the improved result down to the first signs of recovery in the export sector with demand for exports increasing 0.2 percent, along with increased equipment investments (0.5 percent), as well as acceleration in industrial activity (0.4 percent).

Less positive, however, was private consumption, with both private spending and consumer demand increasing only 0.1 percent.

In June, WIFO had forecast 0.5 percent real GDP growth for the domestic economy for the full year, that was to accelerate to 1.3 percent in 2016. It's next forecast is due at the end of September