Page 108 - bne IntelliNews Southeastern Europe Outlook 2025

lithium needs, reinforcing Serbia’s importance in the global EV supply chain.
Serbia’s agricultural sector remains significant, despite its declining share of GDP, currently at 6-6.5%. With nearly half the population living in rural areas and a third reliant on agriculture, the sector offers untapped potential for efficiency improvements. Strategic policies could help bolster its contribution to the economy over the medium term, ensuring long-term sustainability.
Tourism continues to play a vital role in Serbia's economic recovery post-pandemic. Foreign exchange inflows from tourism increased by 13% year-on-year in the first eight months of 2024, reaching €1.9bn. With total revenues of €2.5bn in 2023, the sector is on a strong growth trajectory. The expansion of direct flight routes and an influx of non-European visitors have driven this performance, and ongoing investments in infrastructure and diversified offerings are expected to sustain growth throughout 2025.
5.11 Real Economy – Slovenia
5.11.1 Retail
Retail sales in Slovenia fell by 0.9% y/y in October, following a 3% annual decline in September, according to the statistics office (SURS) data.
Sales of automotive fuel saw a sharp annual drop of 10.4% in October, while non-food product sales edged down by 0.1%. Conversely, food product sales grew by 2.6% y/y.
Month-on-month, retail trade volume turnover increased by 0.8% in October. Food product sales rose by 1.8%, whereas sales of non-food products and automotive fuel declined by 0.6% and 0.3% respectively.
For the first ten months of 2024, overall retail volume turnover fell by 0.5% compared to the same period in 2023. Automotive fuel sales dropped by 6.7%, while food product sales grew by 1.8%, and non-food product sales increased by 0.7%.
In November 2024, Slovenian retailer Mercator, a subsidiary of Croatia's Fortenova Group, withdrew from a €30mn deal to acquire local competitor Engrotuš, citing unmet conditions outlined in the purchase agreement.
The agreement, signed in November 2023, was terminated after Mercator was unable to obtain regulatory approval from Slovenia’s Competition Protection Agency.
Commercial real estate prices in Slovenia rose by 1.5% q/q in Q2 2024, according to data from the national statistics office.
108 SE Outlook 2025 www.intellinews.com