Monday, January 29, 2018

BCREA ECONOMICS NOW Canadian Retail Sales - January 25, 2018

Canadian retail sales increased for a third consecutive month in November, rising 0.2 per cent on a monthly basis and 6.5 per cent year-over-year. Sales were higher in 6 of 11 sub-sectors representing 37 per cent of total retail trade. Excluding the decline in new motor vehicle sales, retail sales were up 1.6 per cent over October. Given today's data release, we are tracking Q4 2017 Canadian economic growth at 2.4 per cent.
In BC, retail sales were essentially unchanged on a monthly basis but were 11.5 per cent higher than November 2016. Year-to-date, retail sales in the province have grown 9.7 per cent, reflecting strong job and robust economic growth in the province. We forecast that the BC economy grew close to 4 per cent in 2017 and will enter 2018 with significant momentum.