(Adds details on components of gross domestic product data, analyst) MEXICO CITY, May 23 (Reuters) - Mexico's economy picked up speed in the first quarter, official data showed on Wednesday, driven by robust service-sector activity and solid advances in manufacturing and agriculture.

Latin America's second biggest economy grew 1.1 percent in seasonally adjusted terms compared with the previous three-month period, the national statistics agency said. The data was in line with preliminary figures released last month.

That was an acceleration from the fourth quarter last year, when the economy grew 0.9 percent, the agency said.

A breakdown of the seasonally adjusted data showed the industrial sector grew 0.9 percent in the first quarter compared with the October-December period, while agriculture advanced 0.9 percent and services expanded 1.1 percent.

Analysts at Banorte said in a note that falling inflation could help boost consumer spending in the second quarter, while construction could get a jolt from a flurry of building projects by local governments before national elections in July.

Among risks, Goldman Sachs economist Alberto Ramos said in a report that investments by businesses could be dampened by uncertainty around the outcome of the July presidential vote as well as concerns about the future of the NAFTA trade deal among Mexico, the United States and Canada.

U.S. President Donald Trump has threatened to dump the North American Free Trade Agreement if it cannot be renegotiated to his liking and talks have been stalled over a series of U.S. demands to impose tougher regional content requirements on the auto industry.

In annual terms, the economy expanded 1.3 percent compared with a year earlier, just above preliminary estimates.

(Reporting by Sharay Angulo and Michael O'Boyle; Editing by Peter Cooney)