Retail sales in Canada plunged 10 percent over a month earlier in March 2020, after rising an upwardly revised 0.4 percent in February and matching market forecasts. It was the largest drop in retail trade on record, amid business closures due to the covid-19 pandemic. Sales declined mainly at motor vehicle and parts dealers (-35.6%), namely new car dealers (-38.5%); clothing & clothing accessories stores (-51.3%); and gasoline stations (-19.8%, the largest decline on record) as crude oil prices slumped due to a global oil supply glut and lower demand due to the coronavirus outbreak. In contrast, sales of food & beverage (22.8%) and general merchandise (6.4%) rose to their highest level on record and posted their largest monthly gain since the beginning of the series. Year-year, retail trade went down 8.4%. Statistics Canada also provided an April's retail sales advance estimate of a 15.6% fall.
Retail Sales MoM in Canada averaged 0.33 percent from 1991 until 2020, reaching an all time high of 3.70 percent in December of 1997 and a record low of -10 percent in March of 2020. This page provides - Canada Retail Sales MoM - actual values, historical data, forecast, chart, statistics, economic calendar and news. Canada Retail Sales MoM - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Statistics Canada
Retail Sales MoM in Canada is expected to be -2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Retail Sales MoM in Canada to stand at 0.50 in 12 months time. In the long-term, the Canada Retail Sales MoM is projected to trend around 0.40 percent in 2021 and 0.30 percent in 2022, according to our econometric models.