Rise in Retail Sales Driven by Canadian Auto IndustryBecomeACanadian Staff September 18, 2018 0 COMMENTS
[vc_row][vc_column][vc_column_text]A key contributor to the Canadian gross domestic product, retail sales, rose by 0.6 percent to reach $50.2 billion. An increase of sales at motor vehicle and parts dealers in March helped the overall Canadian retail activity to reach a new level for a third consecutive month, according to Statistics Canada. Even with lower sales in food and beverage, stores and gas stations, the higher sales in the automobile sector outweighed it. Without motor vehicle and parts dealers, retail sales were down 0.2 percent. The rise in retail sales is a sign of a healthy economy and good reason to consider relocating to Canada. Become A Canadian and its team of experts can help you with the process in order to make it as easy as possible.
TD economist Rishi Sondhi said that with the healthy gain in volumes, today’s information painted an upbeat picture of retail activity in March. There was a slight decline in the first quarter, with a drop of one percent, which pointed to slower consumer spending. However, as the quarter progressed, momentum improved, and showed “a positive signal for near-term activity and supports our view that growth improved at an above-trend pace in the second quarter,” she said. Although the almost three and a half percent rise was due mostly to vehicles and parts dealers, the majority being new car dealers, also experiencing gains were accessories and clothing stores which were up 2.5 percent. General merchandise stores had a one percent increase.
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