Serbian retail sales growth accelerates after public sector wage increase

Serbian retail sales growth accelerates after public sector wage increase
By Ivana Jovanovic in Belgrade April 1, 2016

Serbia’s statistics office reported an increase in retail trade turnover in February, after civil servants received a modest pay rise.

A year after cutting public sector wages and pensions as part of its fiscal consolidation efforts, Serbia's government managed to get approval from the International Monetary Fund in November 2015 to make a small increase as of January 2016. As civil servants and pensioners received payments at the higher rate for the first time in February, the increase affected household consumption and thus improved retail sales during the month.

Serbia's retail trade turnover (excluding motor vehicles and motorcycles) grew by a real 11.8% y/y in February, accelerating from 6.1% a month earlier, data from the country's statistics office showed. As a result, sales climbed 8.9% in the first two months of 2016 against the same period in 2015.

The annual growth in sales of motor fuels accelerated to 8.6% in February while retail sales of food, beverages and tobacco products increased by a real 11.1%.

In February, sales of non-food products except automotive fuel increased 14.2% y/y.
However, on a monthly basis, turnover of retail trade increased by 0.4%, the statistical office said.

Previously, the cut in public wages and salaries was reflected in a fall in retail sales in February 2015, which deepened further in March.

Data

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss