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- Canada’s retail sales increase more than forecast in March
Canada’s retail sales increase more than forecast in March
Statistics
Canada announced on Friday that the Canadian retail sales rose 3.6 percent
m-o-m to CAD57.61 billion in March, following an unrevised 4.8 percent m-o-m surge
in February.
Economists
had forecast a 2.3 percent m-o-m gain for March.
According
to the report, sales increased in 10 of 11 subsectors in March, accounting for 79.1
percent of total retail sales, led by higher sales at building material and
garden equipment and supplies dealers (+19.8 percent m-o-m) and clothing and
clothing accessories stores (+23.6 percent m-o-m). Meanwhile, sales at food and
beverage stores (-1.3 percent m-o-m) declined. Core retail sales, which
excludes gasoline stations and motor vehicle and parts dealers, increased 4.7
percent m-o-m in March after growing 3.8 percent m-o-m in February.
In
y-o-y terms, Canadian retail sales climbed 23.7 percent in March, following an unrevised
6.0 percent jump in February.
In
the first quarter, retail sales rose 1.8 percent/ This marked the third
consecutive quarterly increase in retail sales.
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