Serbia’s retail trade turnover increased by a real 3.5% y/y (6.2% y/y at current prices) in May, data from the country’s statistics office showed on June 29. Meanwhile, the retail trade index increased by a real 0.5% m/m and by 1.6% m/m at current prices, which followed increases in April and March after decreases recorded in monthly terms in both January and February.
Further increases are expected in 2018 after in 2017 Serbia’s retail trade turnover increased by a real 3.7% y/y (7.9% y/y at current prices). Future growth will most likely be mainly driven by higher salaries in the public sector which were increased in January.
The annual increase in retail trade turnover in May was driven mainly by higher prices of automotive fuel, which went up 4.1% in real terms and 7.9% at current prices. Sales of non-food products except automotive fuel recorded a 4.4% annual increase at current prices and an increase of 3.1% y/y at constant prices and also contributed to the growth of trade turnover in May. In the fifth month of 2018, sales of food, beverages and tobacco went up 6.8% y/y at current prices, while in constant prices they increased 3.4% y/y, according to the latest data from the statistical office.
In January-May against the same period of 2017, Serbia’s trade turnover increased by 5.4% at current prices and by 3.7% at constant prices.
Previously, Serbia’s trade turnover increased 7.6% y/y 2016, following real growth of 1.7% in 2015 against 2014.