CPA Business Survey Index Surges to 93 in Q3

The economic outlook as seen by certified public accountants in Korea has shown significant improvement. Analysts attribute this to the effects of the new government’s inauguration and the increase in semiconductor exports.

On September 25, the Accounting Policy Research Institute of the Korean Institute of Certified Public Accountants (KICPA) announced the results of its third quarter 2025 “CPA Business Survey Index (CPA BSI)” and shared these findings.

According to the survey, the BSI for the current economic situation in the third quarter recorded 93, a sharp increase of 26 points compared to 67 in the second quarter. The outlook BSI for the fourth quarter was also 94, indicating that the upward trend is expected to continue. The BSI uses 100 as a benchmark: a reading above 100 indicates economic improvement, while below 100 signals deterioration. With the current index close to 100, expectations for economic recovery have risen.

The rise in the current BSI is attributed to the rebound in gross domestic product (GDP) growth in the second quarter, recovery in consumption, a bullish stock market, increased exports led by semiconductors, and price stability. The Accounting Policy Research Institute explained that, in particular, the reduction of domestic and international uncertainties and increased expectations for policy stability following the launch of the new government had a positive impact.

The most influential factor expected to affect the Korean economy over the next year was global economic trends (43.4%). Changes in tariff policies and restructuring of trade frameworks among major countries were cited as key variables. This was followed by changes in government policy (23.3%), shifts in monetary policy and funding environment (5.6%), and raw material prices and inflation (5.3%).

Korea Institute of Certified Public Accountants

By industry, shipbuilding recorded the highest BSI scores, with a current BSI of 134 and an outlook BSI of 137. Pharmaceuticals and biotechnology (current 114, outlook 123), information and communications (current 113, outlook 121), and electronics (current 110, outlook 111) all exceeded the benchmark of 100, receiving positive evaluations. In contrast, petrochemicals (current 62, outlook 73), steel (current 70, outlook 71), and automobiles (current 71) showed relatively weak performance.

This survey was conducted online from August 11 to 22, targeting 237 certified public accountants. Further details can be found on the Accounting Policy Research Institute’s website.

This content was produced with the assistance of AI translation services.