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 countryÃ¢â‚¬â„¢s economic growth next year as exporters struggle to deal with weak U.S. and European demand. TodayÃ¢â‚¬â„¢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.
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