Canada’s Factory Sales See Biggest Gain In 6 Months

17 May 2012 11:30am - Florence Fullalove

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Canada’s Factory Sales See Biggest Gain In 6 Months

According to Statistics Canada, Canada’s factory sales exceeded expectations in March with the biggest gain in six months. Manufacturing sales rebounded by 1.9% after two previous months of declines as shipments of petroleum and coal products jumped to their highest level in over three and a half years.

Analysts have only been expecting a 0.3% increase in sales for March. At C$49.7 billion in March, factory sales are still not what they were before the recession as manufacturers continue to struggle with a sluggish US market and the effects of the strong Canadian dollar. The report does however bode well for economic growth in March following a 0.2% decline in February from January.

Finance Minister, Jim Flaherty has warned that despite improving results, the debt crisis in Europe could yet, “create a shock that will affect Canada.” He added, “Our banks are strong but we are not completely immune from the state of the global economy.” The European Union is Canada’s largest trading partner after the America and no one can say for sure what the consequences will be if Greece leaves the Eurozone.

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Related Links:
• Statistics Canada
Monthly Survey of Manufacturing, March 2012
• Department of Finance
Official Website
• Latest News
Regular News Updates

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