Canadian retail sales rose twice as fast as economists forecast in September on purchases of new trucks and higher gasoline prices. Sales grew 1 percent to a seasonally adjusted C$38.2 billion ($36.8 billion), the fastest pace since November 2010, Statistics Canada said today in Ottawa. The gain exceeded all
estimates in a Bloomberg survey of 19 economists that had a median growth forecast of 0.5 percent.
The Bank of Canada says consumption will account for more than half of the country’s economic growth next year as exporters struggle to deal with weak U.S. and European demand. Today’s report is the last major piece of data before Statistics Canada gives its third-quarter growth estimate on Nov. 30. Trucks led the 3.7 percent increase in sales at new car dealers to C$6.81 billion, the statistics agency said in its
report, while gasoline station receipts rose 0.8 percent to C$4.85 billion.
Excluding motor vehicles and parts, sales rose 0.5 percent to C$29.7 billion.
