The retail trade sector increased 1.0% in September, representing its largest monthly growth rate since October 2023, as retailing activity in most subsectors grew in September 2024, reported Statistics Canada on Friday.
“The food and beverage stores subsector expanded 2.4% in the month, driven by higher retailing activity at the beer, wine and liquor retailers. Higher activity in gasoline stations (+3.8%) and building material and garden equipment and supplies dealers (+2.6%) further contributed to the growth. Meanwhile, motor vehicle and parts dealers, which was the largest driver of growth in the sector in the previous two months, contracted 0.8% in September, offsetting part of the gains recorded in July and August,” said the federal agency.
Real gross domestic product (GDP) edged up 0.1% in September, after remaining essentially unchanged in August.
Services-producing industries rose 0.2% in September, in large part driven by increases in the retail and wholesale trade sectors. This was the fourth consecutive month where the services-producing industries increased. Goods-producing industries contracted 0.3% in September, as the mining, quarrying, and oil and gas extraction and the manufacturing sectors contracted in the month. Goods-producing industries were down for a second month in a row. Overall, 11 of 20 sectors expanded in September.
StatsCan said real gross domestic product (GDP) edged up 0.1% in September, after remaining essentially unchanged in August.
“Services-producing industries rose 0.2% in September, in large part driven by increases in the retail and wholesale trade sectors. This was the fourth consecutive month where the services-producing industries increased. Goods-producing industries contracted 0.3% in September, as the mining, quarrying, and oil and gas extraction and the manufacturing sectors contracted in the month. Goods-producing industries were down for a second month in a row. Overall, 11 of 20 sectors expanded in September,” it said.
The report also said GDP by industry rose 0.2% in the third quarter following a 0.5% increase in the previous quarter. Services-producing industries (+0.5%) drove the increase in the third quarter, continuing the uninterrupted quarterly increases that began in the third quarter of 2020. Goods-producing industries contracted 0.4% in the third quarter of 2024, partially offsetting the increase recorded in the previous quarter. Overall, 12 of 20 industrial sectors grew in the third quarter.
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