Gross domestic product expanded by 0.4% in the three months to December, compared with the third quarter, when it gained 0.8%, the central bank said.
The Bank of Korea said the slowdown in exports was compounding problems in the country.
Exports fell 1.5% in the fourth quarter, compared with the third, when overseas shipments gained 2.2%, the data showed.
Over the whole of 2011, the South Korean economy grew by 3.6%, compared with expansion of 6.2% seen in 2010.
The BOK is forecasting growth of 3.7% in 2012 and 4.2% in 2013
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