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VIENNA, July 19 (Xinhua) -- The Austrian economy is on track for steady growth of an average 1.7 percent each year until 2021, a leading research institute said on Wednesday.

In its latest medium-term prognosis for the domestic economy, the Vienna-based Institute for Advanced Studies (IHS) said after many years of weak growth, the positive start to 2017 will be maintained going forward, albeit at a slightly lesser rate.

The anticipated growth rate will put Austria on par with growth expectations for the remainder of the eurozone, and be about one percent higher than average growth seen between 2012 and 2016.

The improved situation is largely expected to come from a strong increase in private consumption, as well as an increase in demand for exports on the back of an improvement in global trade.

The present trend toward an improved situation on the job market is also expected to continue, including an improvement in new jobs available as well as a continued drop in unemployment.

The latter will however still remain at a relatively high eight percent as per Austria's domestic calculation method by 2021, IHS noted.