Serbia average net wage 121,650 RSD, real growth 8.9 percent in Q1
Statistical Office data show average net wage in March 2026 at 121,650 RSD, with first-quarter nominal growth of 11.7 percent and real growth of 8.9 percent on the same period of 2025.
Average net wage in Serbia stood at 121,650 RSD (around €1,036 at the NBS reference rate) in March 2026, according to the regular monthly release from the Statistical Office of the Republic of Serbia on 26 May. Average gross wage for the same month came to 167,263 RSD (around €1,425).
Across the full first quarter of 2026:
- Nominal growth in average net wage: 11.7 percent
- Real growth: 8.9 percent
Inflation in March reached 2.8 percent.
Sectoral wage divergence
The highest average net wages in March were recorded in the information and communication technology sector, with an average of 274,300 RSD. That is 2.25 times the national average.
Top five sectors by average net wage:
- ICT: 274,300 RSD
- Financial services and insurance: 198,420 RSD
- Energy and utilities: 184,900 RSD
- Pharmaceuticals: 171,840 RSD
- Accommodation and food service (lowest): 79,640 RSD
The second-lowest category is the other services segment, at 84,220 RSD.
Regional gaps, Belgrade 28 percent above the national average
By region, Belgrade District leads with average net wage of 155,840 RSD, 28.1 percent above the national average.
Regional distribution:
- Belgrade District: 155,840 RSD (+28.1 percent)
- Vojvodina: 122,180 RSD (marginally above the average)
- Sumadija and Western Serbia: 108,460 RSD
- Southern and Eastern Serbia: 101,620 RSD (lowest, -16.5 percent)
The Belgrade-South gap remains stable, with marginal narrowing of 0.4 percentage point in 2025.
Statistical Office Director Miladin Kovacevic commented on 27 May on the quarterly dynamics.
Real wage growth of 8.9 percent in the first quarter is the highest quarterly real growth rate since the start of 2023, explained by a combination of controlled inflation, the 17 percent pay rise in healthcare, the 13 percent rise in education, and private sector wage growth in the 9 to 11 percent range.
Kovacevic set out the near-term outlook.
We expect further wage growth in the second quarter in the 7 to 9 percent real range, followed by a slowdown in the third quarter due to base effects.
Employment falls, the mix is shifting
In the first quarter of 2026, Statistical Office labour force survey data put total employment in Serbia at 2,355,857. That is a decline of 9,037 people, or 0.4 percent, on the first quarter of 2025.
The employment fall is sharpest in agriculture, forestry and fishing, where a decline of 22,130 people was recorded. The shift reflects rapid sector mechanisation and labour migration to urban centres. The ICT sector posted employment growth of 7,840 people.
Chief economist at the Serbian Chamber of Commerce Ljubodrag Savic offered a structural reading in a 22 May interview with biznis.rs.
The gap between rising wages and falling employment reflects a structural shift towards higher-productivity sectors, which is a positive signal, but with a risk of widening labour market gaps between urban centres and rural areas.
Savic flagged the downside risk.
The fiscal premium in qualified sectors can outpace inflation in 2026, but if the macro position deteriorates in the second half of the year, real growth above 7 percent will probably not be sustainable.
Is the €1,000 average net wage target within reach
President Aleksandar Vucic announced in February 2026 a target of an average net wage of €1,000 by end-2026. The current March level of 121,650 RSD, at the reference rate of 117.40 RSD per euro, comes to €1,036.
The target has formally been crossed on a single-month basis, but not as a quarterly or full-year average. A follow-up analysis of monthly versus annual averages as fiscal-target benchmarks will be published shortly.
