Canada retail sales rise 1.1 percent in April on strong demand for new cars

Nathan Andrada – Fourth Estate Cooperative Contributor

Ottawa, Canada (4E) – Retail sales in Canada recorded its highest monthly performance in almost a year in April, boosted by higher demand for new cars after two months of weak results, according to a report by Statistics Canada released Friday.

Retail sales jumped 1.1 percent to 41.62bn Canadian dollars ($38.46bn) in April, reaching a new high in terms of the level of sales. The increase in April topped analysts’ forecasts for a gain of 0.6 percent, according to economists at Royal Bank of Canada.

The report showed retail sales jumped 0.8 percent in volume terms. Retail sales advanced 5.1 percent on year in April.

Friday’s result comes after the previous month’s figure was revised up to a 0.1 percent, after an initial estimate of 0.1 percent decline in March retail sales. Earlier this week, Canada also reported strong wholesale trade figures for April.

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