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- Canada’s retail sales decline much more than expected in April
Canada’s retail sales decline much more than expected in April
Statistics
Canada reported on Friday that the Canadian retail sales tumbled 26.4 percent
m-o-m at CAD34.72 billion in April, following an unrevised 10.0 percent m-o-m plunge
in March (originally a 10.0 percent m-o-m decline). That was the largest
monthly drop on record.
Economists had
forecast a 15.1 percent m-o-m fall for April.
According to
the report, sales were down in all 11 subsectors, with motor vehicle and parts
dealers (-44.3 percent m-o-m), food and beverage stores (-12.7 percent m-o-m) and
gasoline stations (-32.2 percent m-o-m) contributing the most to the April decrease.
Excluding motor
vehicle and parts dealers, retail sales dropped 22.0 percent m-o-m in April compared
to an unrevised 0.4 percent m-o-m decrease in March and economists’ forecast
for a 13.5 percent m-o-m drop. Excluding motor vehicle and parts dealers and
gasoline stations, retail sales fell 20.7 percent m-o-m in April.
In y-o-y terms,
Canadian retail sales tumbled 32.5 percent in April, following an unrevised 8.4
percent tumble in March.
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