Mexican economy picks up pace in August

The Mexican economy expanded 2.8% in August compared to the same month in 2014.

The pace of growth marked an improvement from July when the economy grew 2.1% year-on-year.

August's expansion was driven by 7.7% growth in the primary sector, followed by services and industry at 3.4% and 1%, respectively, according to figures from statistics agency Inegi.

Compared to the previous month, the second largest economy in Latin America advanced 0.5% in seasonally-adjusted terms in August, compared with 0.1% in July.

Month-on-month growth in the primary sector was 6.6% and in services and industry it was 0.4% and 0.2%, respectively.

The IMF forecasts that the Mexican economy will grow 2.3% this year and 2.8% in 2016.