Retail sales in Canada rose by 1.5 percent in the month of July to 33 billion US dollar, according to Statistics Canada.
Statistics Canada reported on 21st September 2006 that the retail sales in Canada rose by 1.5 percent in the month of July to 33 billion US dollar, riding a wave of healthy automobile sales and increasing the gasoline prices.
According to the report, the internal demand continue to push the economic progress but the growth will be slower than the fast paced growth recorded earlier in this year.
As per the industry analyst forecast, this increase was approximately double and helped in compensating the losses of the previous two months. From the month of June the retail sales in Canada rose 0.7 % to 22.6 billion US dollar excluding the dealers sales of new, recreational and used vehicles and also automobiles parts.
The retail sales were positive in all region of Canada although Alberta led with an increase of 16% from the previous year. And the rest of the region observed a combined growth of 4 percent.
Canadian retail sales for accessories and clothing stores were cut by 1.7 percent and miscellaneous retail sales, including music, bookstores and sporting goods, dropped 0.3 percent. Sales at personal care and pharmacy stores rose by 0.8 percent to 2.03 billion US dollar.
Customers benefited from the federal tax reduction from 7 to 6% first time in July. So the economists predict that it should boost the sales of costly items, like vehicles and appliances.
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