South Korea: Q3 GDP surprised to the upside – UOB

Economist at UOB Group Ho Woe Chen, CFA, reviews the latest GDP figures in South Korea.

Key Takeaways

South Korea’s advance 3Q23 GDP growth came in better than consensus and our forecasts at 1.4% y/y, 0.6% q/q SA. This was also the third consecutive quarter of sequential growth. 

With the exception of facilities investment, all the components on the expenditure side registered q/q expansion in 3Q23.  

South Korea’s economy expanded by around 1.1% y/y in the first three quarters of the year. The above consensus growth in 3Q23 suggests slight upside to our full-year 2023 GDP forecast of 1.3% if the momentum continues to strengthen into the current quarter.