Statistics Canada reported on Friday that retail sales rose 0.5% in April to $73 billion, driven by higher sales at motor vehicle and parts dealers. The increase followed a 0.2% decline in March.
Key Highlights
Sales were up in 6 of 9 subsectors, representing 68.7% of total retail trade. Motor vehicle and parts dealers saw a 1.2% increase, while food and beverage stores rose 0.3%. However, gasoline stations and fuel vendors saw a 0.8% decline due to lower prices at the pump.
Regional Performance
Ontario and Quebec led the gains, with sales rising 0.6% and 0.5% respectively. British Columbia also posted a 0.4% increase. Alberta saw a slight decline of 0.1%.
Outlook
Economists expect consumer spending to remain resilient, though high interest rates and inflation may temper future growth. The Bank of Canada will watch retail data closely ahead of its next rate decision.
