- Erik Hertz, Bloomberg
Canadian retail sales rose more than experts estimated, following a decline in the previous month. In January, retail sales soared 2.2% to C$46 billion, which was the largest monthly advance since March 2010. Similarly, excluding the automotive sector, sales rose 1.7%. The largest spike of C$435 million happened in the motor vehicle and parts dealers sector. Furthermore, the health and personal stores sector registered a C$197 million increase in sales. Meanwhile, old and new car dealers posted an increase of 4.3% and 4.2%, accordingly. A 4.2% surge was also reported among other motor vehicle dealers. The largest increase of sales occurred in the jewelry, luggage and leather goods stores sub-sector, which posted a 17.2% gain. However, it was not enough to offset the overall slip in the clothing sector in December. Sales at gasoline stations continued showing steady growth for the seventh consecutive month. Meanwhile, sales in general merchandise stores increased for the first time in the last three months. In addition, e-commerce sales advanced 17.2% an annual basis, accounting for 2.7% of the total retail sector. Analysts suggest that the Canadian economy performed well in the Q1 of 2017 and is expected to maintain momentum.
© Dukascopy Bank SA