Disappointing Car Sales Lead To 0.2% Fall In Canada’s Retail Trade

24 April 2012 10:30am - Victoria Wedderburn

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Disappointing Car Sales Lead To 0.2% Fall In Canada’s Retail Trade

Statistics Canada have said that low car sales meant an unexpected 0.2% fall in Canada’s retail trade in February, the same month that the motor vehicle business had actually boosted wholesale trade. The report was disappointing as analysts had been expected a month to month increase from January. The government agency said that overall retail sales dropped 0.2% to $38.9 billion in February. However, compared with February 2011, February 2012’s retail revenue was up 4.1%.

The amount of sales, used in calculating Canada’s gross domestic product, dropped by 0.6% from January. Dina Cover TD economist said, “As expected, the considerable boost from auto sales seen in January has faded – and is unlikely to return in the near future given that we expect new vehicle sales to be relatively flat this year.” Sales of motor vehicles and parts fell 2.4% from January, with new car dealers reporting a 2.8% decline. Food and beverage sales dropped down 0.2% in a second consecutive monthly decline. However, gas stations saw a 1.7% gain thanks to higher gas prices.

 

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Related Links:
• Statistics Canada
Retail Trade, February 2012
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