Indonesia's Q1 GDP shrank 0.74%, in line with expectations

JAKARTA, May 5 (Reuters) - Indonesia’s economy shrank for the fourth straight quarter in January-March but at a much more modest pace, statistics bureau data showed on Wednesday.

Southeast Asia’s largest economy contracted 0.74% in January-March from the same period a year earlier, compared with a 2.19% contraction in October-December.

Analysts polled by Reuters had forecast a 0.74% drop, while the country’s planning minister had expected a fall of between 0.6% to 0.9%.

On a quarterly, non-seasonally adjusted basis, the economy contracted 0.96%, compared with a drop of 0.42% in October-December and forecasts of a 1.04% decline. (Reporting by Fransiska Nangoy, Tabita Diela; Editing by Kim Coghill)