Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
The first quarter growth figures for Thailand impressed, with gross domestic product beating expectations, on a y/y basis. GDP came in at 3.2 pct on year, compared to market expectations of 3.0 pct.
Net exports came in at a record-high THB 352.8 billion in the period, as exports jumped 5.1 pct while imports fell 4.8 pct in the same period. Exports of services grew 18.8 pct, overwhelming the 1 pct expansion in exports of goods. This suggests tourism-related sectors remain robust. Growth in hotels and restaurants component of the GDP, for example, came in at 15.8 pct in 1Q16, well above its 5-year average of 10.6 pct, reports said.
Public sector demand continues to lead the private sector. Private consumption and investment growth came in at 2.3 pct y/y and 2.1 pct respectively. These are disguised by public consumption and investment growth at 8.0 pct and 12.4 pct respectively. Meanwhile, private sector demand continues to lag behind.
"Despite the better-than-expected 1Q16 GDP showing, we see no reason to tweak our full-year GDP growth forecast as yet. For now, we maintain our 3.4% forecast for 2016 GDP growth, with risks still tilted towards the downside," DBS said in a research note.
