Mexico's gross domestic product (GDP) grew 1.2 percent in the first nine months of 2012, compared to the same period last year, the National Institute of Statistics and Geography, or INEGI, said Thursday.

GDP growth was boosted by a 2.3 percent gain in the service sector and growth of 0.60 percent in agriculture and mining, which made up for a 0.90 percent contraction in the industrial sector, the statistics agency said.

Mexico's economy, Latin's America's second-largest economy, trailing only Brazil, grew 1.3 percent in the third quarter.

GDP grew 0.60 percent in the first quarter and 1.6 percent in the second quarter, the INEGI said.

The Finance and Public Credit Secretariat, meanwhile, said Thursday it was revising its 2013 GDP forecast downward from 1.7 percent to 1.3 percent.

Mexico's GDP is projected to grow 1.7 percent in the fourth quarter, Deputy Finance and Public Credit Secretary Fernando Aportela said in a press conference.

Private sector analysts expect Mexico's economy to grow 1.2 percent this year.

The government began the year with a GDP growth target of 3.5 percent, with the figure being revised downward several times as the economy slowed. EFE