MEXICO CITY, Oct. 30 (Xinhua) -- Mexico's economy grew 2.6 percent in the third quarter of this year compared to the same period of 2017, supported by the good performance of the services sector, according to preliminary figures released Tuesday by the National Institute of Statistics and Geography (Inegi).
The July-September period of this year recorded the same growth as reported during the second quarter, according to the Inegi report.
The data breakdown showed that the services sector, the largest contributor to the economy, grew 3.4 percent during the third quarter, a rate similar to the 3.3 percent in the second quarter.
In addition, industrial activity linked to the United States grew 1.1 percent between July and September and the agricultural sector grew 2.2 percent during the third quarter on a year-on-year rate.
This helped Mexico's gross domestic product (GDP) grow 2.2 percent during the first nine months of the year, greatly helped by the services sector.
Based on seasonally adjusted figures, Mexico's GDP grew 0.9 percent during the third quarter compared to the previous quarter. It grew 2.7 percent compared to the same time period of 2017, according to Inegi.
In a report to its clients, the bank Ve por Mas (BX+) said the preliminary figures showed good momentum in the Mexican economy.
The private institution forecast GDP growth for 2018 between 2 and 2.5 percent.
Meanwhile, Financial Group Scotiabank said the results from the period demonstrated the soundness of the services sector, along with good performance in the agricultural and industrial sectors.
"As a whole, it signals a moderate positive step in the Mexican economy at the start of the fourth quarter of 2018, which also reflects the seasonally adjusted result," Scotiabank said.
The Central Bank of Mexico (Banxico) forecast the Mexican economy, the second largest in Latin America following Brazil, would see growth between 2 and 2.6 percent in 2018 following 2 percent growth in 2017.
However, financial authorities cautioned about internal and external risks for the local economy moving forward, including the trade relationship between Mexico and its main trading partner, United States. among others.
