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.