Serbia’s wholesale and retail trade expanded in the first quarter of 2026, with the internal trade sector delivering another quarter of solid growth. The data point to resilient household spending alongside stable demand across the economy. This comes as construction activity contracted by 5.1% in the first quarter and industrial output remained under pressure.
First-quarter figures show continued expansion across both wholesale and retail trade. The pattern aligns with broader economic indicators that reference resilient household spending, stable employment and sustained demand throughout the economy. In this context, domestic consumption remains one of the principal engines of economic activity despite weaker performance in construction and parts of industry.
Wholesale turnover rises faster than retail
Wholesale trade recorded the strongest performance among the monitored segments. Turnover in wholesale activities excluding motor vehicles and motorcycles increased by 7.6% in current prices and 5.7% in real terms compared with the first quarter of 2025. The figures indicate that business demand, inventory replenishment and distribution activity remained healthy despite a more uncertain European economic environment.
Retail trade also grew at a robust pace during the same period. Retail turnover excluding motor vehicles and motorcycles rose by 9.3% in current prices and 8.6% in real terms year-on-year. The results highlight strength in consumer spending and rising household purchasing power.
The trade developments align with Serbia’s first-quarter GDP data on household consumption. Household consumption grew by 4.8% year-on-year and contributed significantly to overall economic growth of 3.2%.
Motor vehicle sales show nominal gain but real decline
Motor vehicle and motorcycle trade showed a more mixed pattern than general retail and wholesale categories. Nominal turnover increased by 2.0%, but after adjusting for inflation, real turnover declined by 1.5%. The divergence points to consumers being more cautious on higher-value purchases while broader spending growth continued elsewhere.
Within motor vehicle trade, sales of vehicles accounted for 53.3% of total turnover. Vehicle parts and accessories represented 34.9%, while motorcycle-related activities made up 2.4%. Although motorcycles remain a small segment, that category recorded the strongest annual growth, increasing by more than 50%% compared with the same period last year.
Wholesale categories: food leads; chemicals surge
In wholesale trade, food products, beverages and tobacco were the largest category, accounting for 25.5% of total turnover. Pharmaceutical, cosmetic and personal care products represented 17.7%, while fuels accounted for 13.4%.
Chemical products posted one of the most notable changes in wholesale turnover. Wholesale turnover for chemicals surged by 28.4%% year-on-year, according to the first-quarter data referenced in the report. Machinery and equipment sales also rose by 10.7%, indicating growth in that segment despite weaker overall capital expenditure growth at the national level.
Retail mix remains weighted toward essentials
The retail sector continued to be dominated by essential consumer goods in the first quarter. Food products and alcoholic beverages represented approximately 35.7%% of total retail turnover. This share reflects how essential items remained central within retail activity during the period.
The report also describes regional differences as relatively balanced across Serbia. Both Northern Serbia and Southern Serbia recorded increases in wholesale and retail turnover, while Northern Serbia accounted for a larger share of overall activity due to its concentration of population, logistics infrastructure and industrial production.
Implications for logistics, investment flows and investors
The figures are described as relevant for investors monitoring domestic demand conditions through trade performance. Retail and wholesale activity continued to expand at rates above overall GDP growth, even as construction contracted by 5.1%% and industrial output remained under pressure.
The data are particularly relevant for consumer-focused industries including retail chains, logistics operators, e-commerce providers, food producers, distributors and commercial real estate developers. Rising turnover levels supported demand for warehousing, distribution centers, retail parks and modern logistics infrastructure.
The wholesale sector’s performance was also linked to Serbia’s role as a regional distribution hub within Central Europe, Southeast Europe and the Western Balkans. Investments in transport infrastructure—highways, rail corridors—and logistics facilities were cited as factors supporting trade flows across those routes.
The broader picture presented for the first quarter is an economy increasingly driven by domestic demand through consumer spending, services, trade and logistics outperforming traditional industrial sectors. As long as employment remains strong and wage growth supports household purchasing power, retail and wholesale trade are expected to remain among key contributors to Serbia’s economic expansion throughout 2026.
