OTTAWA, April 24 (Reuters) – Canadian retail sales rose 0.7% in February from January to C$72.06 billion ($52.68 billion) on higher sales at motor vehicle and parts dealers, Statistics Canada said on Friday.
In January, retail sales were up 1.1% on a monthly basis.
Retail sales, which include domestic sales of cars, furniture, food and gasoline, are considered an early indicator of gross domestic product growth and contribute around 40% to total consumer spending.
Analysts polled by Reuters had forecast retail sales would increase 0.9% in February.
• Motor vehicle and parts sales, which contribute almost 28% of total retail sales, increased 0.8% in February from January.Â
• Sales at gasoline stations and fuel vendors rose 0.1%.Â
• Core retail sales, which exclude the impact of gasoline sales and motor vehicles and parts sales, increased 0.6% in February.
• The rise in core sales was led by higher sales at general merchandise and food and beverage retailers.
• In volume terms, sales were up 0.3% in February.
• An advance indicator for March sales shows sales likely rose 0.6% last month.
($1 = 1.3679 Canadian dollars)
(Reporting by Promit Mukherjee and Dale Smith. Editing by Mark Potter)
