Canadian Retail Sales – May 2016

After starting the year with two consecutive months of increases, Canadian retail sales declined 1 per cent in March. Sales were lower in  6 of 11 subsectors with the largest declines coming in the motor vehicle sector due to a drop in new car sales. With today’s release, first quarter real GDP growth in Canada is tracking at 3.4 per cent, a significant improvement from just 0.8 per cent growth in the fourth quarter of 2015.

In BC, retail sales declined 1.1 per cent on a monthly basis but were up a 4.9 per cent compared to March 2015. Thanks to strong consumer demand and a blistering pace of residential construction, the BC economy is off to a very strong start in 2016, with growth in the early months tracking at more than 3 per cent on an annualized basis.

For more information, please contact:  Gino Pezzani.

 

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