Serbia’s consumer sector maintained solid momentum at the beginning of 2026, with retail turnover increasing both in nominal and real terms, while agricultural market activity moved in the opposite direction. Retail turnover in April rose 8.3% year on year at current prices and 5.6% at constant prices, showing that the increase was largely supported by higher sales volumes rather than price growth alone.
During the January-April period, retail turnover increased 9% in nominal terms, while real turnover advanced 7.9%. The performance coincided with stronger household income levels, with average net salaries reaching RSD 121,805 in April, representing 7.9% real annual growth.
Non-food Sales Lead Retail Expansion
Non-food products excluding motor fuels recorded the strongest cumulative retail growth in the first four months of the year. Turnover in this category increased 10.8%. Sales of food, beverages and tobacco products grew 7%, while motor-fuel turnover increased 10.5% over the same period.
April data showed a different distribution of growth. Motor-fuel turnover increased 18.6% year on year, compared with 6.9% growth for non-food products and 5.8% for food, beverages and tobacco. The increase in fuel-related turnover was partly linked to higher fuel prices, while stronger road activity and commercial transport demand also contributed to sales growth.
Seasonally adjusted figures showed a monthly decline in real retail activity, which fell 6.9% from March after an 8.8% monthly increase in March. Despite the decline, seasonally adjusted retail turnover remained 4.8% higher than in April 2025.
Consumer Growth Broadens Across Serbian Regions
Retail expansion was recorded across different parts of the country. During January-April, real turnover increased 8.2% in northern Serbia and 7.2% in southern Serbia. The relatively small regional difference indicates that consumer growth extended beyond the largest economic centres, including Belgrade and Vojvodina.
Agricultural Market Turnover Declines Across Major Categories
Agricultural market activity weakened during the same period. The nominal value of sales and purchases of agricultural, forestry and fishing products decreased 3.2% year on year in April. For the first four months of 2026, agricultural market turnover declined 7% in nominal terms, while real turnover dropped 4.5%.
The contraction affected most major product groups. Turnover of cereals decreased 14.6%, industrial crops fell 15.1%, and fodder crops declined 46.4%. Sales and purchases of fruit and grapes dropped 5.9%, processed fruit and grape products decreased 13.2%, livestock and poultry turnover declined 6.3%, and milk and dairy product turnover fell 8.9%.
Several smaller categories recorded growth. Egg turnover increased 42%, honey and wax turnover more than doubled, fish turnover rose 3.1%, and other products grew 20.3%. These increases, however, were insufficient to offset declines in the largest agricultural segments.
Regional Agricultural Activity Shows Broad Weakness
Agricultural market turnover declined across all major regions. Vojvodina recorded a 5.8% decrease, while Šumadija and Western Serbia declined 3%. Southern and Eastern Serbia saw a 10.4% contraction, and the Belgrade region recorded the largest decline, falling 22.8%. The divergence between stronger retail demand and weaker agricultural market turnover indicates that consumer spending growth has not been accompanied by increased activity in domestically marketed agricultural products.
For food processors, stronger consumer demand supports sales potential, while reduced agricultural turnover may affect access to raw materials and production planning. Businesses with integrated supply chains have greater protection compared with processors relying on market-based procurement. Serbia’s household consumption remained on a growth path entering the second quarter of 2026, while agricultural market flows weakened across key categories including crops, livestock and dairy products.
