South Korea's economic growth in the first quarter was revised down from an earlier estimate, suggesting the economy may be in worse shape than previously assessed.

The Bank of Korea(BOK) said on Tuesday that the country's gross domestic product(GDP) was estimated at 455-point-one trillion won in the first three months of the year.

The central bank said real GDP contracted point-four percent from the previous quarter, the worst such performance since it shrank three-point-two percent in the fourth quarter of 2008 during the decade’s financial crisis.

The latest figure is lower than the central bank's advance estimate of a point-three percent contraction made in April.

However, the BOK cautioned against attaching too much meaning to the downgrade as the latest figure reflects a routine revision in the national account benchmark year. 

The country's real gross national income also decreased, falling point-three percent from the previous quarter, or point-five percent from a year earlier.

Compared to the same period last year, the BOK said Korea’s GDP expanded one-point-seven percent.