• Canada retail sales weaker than expected in March

Market news

22 May 2013

Canada retail sales weaker than expected in March

Canadian monthly retail sales were softer than expected in March, dragged by lower gasoline prices, marking the weakest showing in three months.

Sales were unchanged at 39.55 billion Canadian dollars ($38.52 billion), following a 0.7% gain in February, which was revised down from the originally estimated 0.8%, Statistics Canada said Wednesday.

The consensus call was for sales to edge up 0.1%, according to a report from Royal Bank of Canada. Year-on-year sales increased 1.1%.

Excluding the auto sector, sales shrank 0.2% on a monthly basis in March following a 0.7% increase the prior month, contrary to an expected 0.1% increase.

But sales volume, which eliminates price changes and feeds into economic output figures, expanded 0.7%, suggesting retail sales made a positive contribution to the month's gross domestic product.

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