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Q3 Growth Slightly Firmer Than Expected

SOUTH KOREA

South Korean Q3 GDP came in a touch stronger than expected. Q/Q growth was 0.6%, versus 0.5% forecast and 0.6% prior. Y/Y growth was 1.4%, versus 1.1% forecast and 0.9% prior.

  • The detail showed private consumption up 0.3% in the quarter, while construction rebounded 2.4% from -3.9% in Q2. Facilities investment was weaker though -2.7% q/q.
  • Manufacturing activity rose 1.3% q/q, down from the 2.5% pace seen in Q2. In y/y terms we recovered though to 1.2% from -0.8%. Services activity was relatively steady (+0.2% q/q and 1.7% y/y).
  • Exports rose 3.5% q/q, and early Q4 indicators suggests some further improvement in the external demand backdrop.
  • Overall, the data points to a resilient growth backdrop, albeit coming from a low base.
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