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Canada April Retail Sales Rise Faster Than Expected on Autos

Canadian retail sales rose faster than economists predicted in April on gains for automobiles and food.

Sales increased 1.1 percent to C$41.6 billion ($38.5 billion), Statistics Canada said today in Ottawa. Economists surveyed by Bloomberg News forecast a 0.6 percent increase, based on the median of 19 projections, and the gain exceeded the 1 percent highest forecast increase.

Motor vehicle and parts sales increased 2.4 percent to C$9.69 billion. Purchases excluding the motor vehicle and parts category rose 0.7 percent. Economists had forecast a 0.4 percent increase.

Sales advanced in 10 of 11 categories marking 98 percent of total sales, including a 0.6 percent gain in food and beverage sales to C$9.16 billion.

The volume of sales increased 0.8 percent in April. That measure excludes the effects of price changes and more closely reflects the industry’s contribution to economic growth.

Statistics Canada also revised its estimated March sales change to a 0.1 percent increase from an earlier decline of 0.1 percent.

Retail sales in April were 5.1 percent higher than a year earlier, Statistics Canada said.

To contact the reporter on this story: Greg Quinn in Ottawa at gquinn1@bloomberg.net

To contact the editors responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net

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