Canadian retail sales fell 10% in March, April could be worse
Statistics Canada estimates April retail sales could decline by as much as 15.6%
Statistics Canada says retail sales in Canada posted their biggest monthly decline on record in March and warned that the drop for April will eclipse that loss.
The agency says retail sales fell 10% to $47.1 billion in March as non-essential businesses began to shut their doors mid-month due to the pandemic.
The drop was in line with economists’ expectations of 10%, according to financial markets data firm Refinitiv.
Statistics Canada also says a preliminary estimate for April indicates a 15.6% drop for the first full month of the pandemic.
The March decline came as sales plunged at motor vehicle and parts dealers, clothing and clothing accessories stores and gasoline stations, while sales at grocery stores soared.
Excluding motor vehicle and parts dealers, retail sales were down 0.4% for the month.