Mexico's National Statistics Institute says the country's economy grew by 5.3 percent in the third quarter, above initial projections of 5.0 percent.

The growth figures are led by a 11.9 percent rise in commerce and a 9.6 percent expansion in manufacturing, as compared to the same quarter of 2009.

The value of oil-sector output grew by a 0.7 percent as falling production was offset by a 41 percent increase in crude prices in the third quarter.

The Institute said Monday the agricultural sector saw 8.9 percent growth.

The economy grew by 7.6 percent GDP in the second quarter, and is projected to expand by 4.8 percent for the year as a whole.

Mexico's 6.5 percent GDP contraction in 2009 was the worst since the 1930s.