MEXICO CITY, Nov. 24 (Xinhua) -- Mexico's economy grew 3.3 percent in the third quarter of 2023 year on year, driven mainly by industrial and agricultural activity, the National Institute of Statistics and Geography (Inegi) said Friday.

The agricultural sector grew by 5.7 percent between July and September, while industrial activity expanded by 4.3 percent, according to the autonomous Inegi.

The services sector, which contributed the most to the country's gross domestic product (GDP), expanded 2.7 percent in the third quarter, added Inegi.

Mexico's GDP accumulated a year-on-year expansion of 3.4 percent in the first nine months of 2023, according to the agency.

In a report released separately, the Citibanamex Financial Group noted that Mexican economic growth in 2023 has been boosted by construction, automotive exports and consumer spending.

"We continue to anticipate lower growth rates going forward, given the prospects of a slowdown in activity in the United States, a gradual relaxation of labor market conditions and high real interest rates," the report said.

For all of 2023, Citibanamex forecasts economic expansion of 3.3 percent, and 2 percent in 2024.