U.S. Republican presidential hopeful Mitt Romney has officially won the Iowa caucus by a slim margin of eight votes.

With one precinct left to report its results, former Massachusetts Governor Romney and former Pennsylvania Senator Rick Santorum had both garnered 24-point-five percent of the vote early Wednesday morning, local time.

But following the final tally, Iowa Republican Party Chairman Matt Strawn announced Romney the winner at 24-point-six percent. The former governor finished with 30-thousand-15 votes and Santorum with 30-thousand-seven.

Texas Representative Ron Paul finished in third with 21-point-four percent of the vote and former U.S. House Speaker Newt Gingrich in a distant fourth with 13-point-three percent. Texas Governor Rick Perry, who was the only other candidate to finish in double digits, polled at 10-point-three percent.

Both Minnesota Representative Michelle Bachman and former Utah Governor John Huntsman finished well below the pack. Bachman earned five percent and Huntsman less than one-percent.

The race for the Republican nomination will continue with the New Hampshire primary next week.