It was a downward revision from the preliminary figure of a 0.3 percent contraction, according to the Bank of Korea (BOK).
From a year earlier, the real GDP expanded 1.7 percent in the January-March quarter.
The quarterly fall was the lowest in 41 quarters since the fourth quarter of 2008 when the global financial crisis hit hard the export-driven economy.
Export, which accounts for about half of the economy, diminished 3.2 percent in the first quarter from three months earlier, and import declined 3.4 percent in the quarter.
Facility investment tumbled 9.1 percent in the quarter on weak export, and investment in the construction industry shrank 0.8 percent.
Private consumption added 0.1 percent on the government's efforts to boost household income.
The fiscal spending grew 0.4 percent on an increased expenditure for the public health insurance.
The GDP deflator, an indicator of the headline inflation, dipped 0.5 percent in the first quarter from a year earlier, marking the downward trend for the second consecutive quarter.
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