Statistics Canada reported on Friday that the Canadian retail sales rose 0.4 percent m-o-m at CAD51.97 billion in January 2020, following a revised 0.2 percent m-o-m advance in December 2019 (originally flat m-o-m).

Economists had forecast a 0.3 percent m-o-m increase for January.

According to the report, the January gain was primarily attributable to higher sales at motor vehicle and parts dealers (+1.8 percent m-o-m) and gasoline stations (+1.5 percent m-o-m), both of which declined in December. Meanwhile, the other nine subsectors, which comprise the core retail sector, collectively fell 0.3 percent m-o-m in January.

In y-o-y terms, Canadian retail sales climbed 3.4 percent in January, following an unrevised 2.4 percent surge in December.