According to rttnews, South Korea's gross domestic product expanded 2.7 percent on year in the third quarter of 2016, the Bank of Korea said in Tuesday's preliminary reading.

That beat forecasts for an increase of 2.4 percent, although it slowed from 3.3 percent in the previous three months.

On a seasonally adjusted annualized basis, GDP gained 0.7 percent - also exceeding forecasts for 0.5 percent but down from 0.8 percent in the three months prior.

Real gross domestic income slipped 0.3 percent on quarter.