April 22, 2014 / 12:32 PM / 4 years ago

Canada Feb wholesale trade grows faster than expected

OTTAWA (Reuters) - Canadian wholesalers fared better than expected in February as sales rose in all subsectors, led by motor vehicles and parts, and across eight provinces, according to Statistics Canada data released on Tuesday.

Wholesale trade rose 1.1 percent in the month, following a 0.5 percent gain in January and beating the market forecast of a 0.7 percent increase.

In volume terms, relevant for calculating gross domestic product, sales were up 0.8 percent.

Motor vehicle and parts wholesalers saw sales jump 3 percent from January after two months of declines, with motor vehicles accounting for most of the increase.

Excluding the auto industry, wholesale trade grew 0.8 percent.

Wholesale inventories rose 0.4 percent, with the largest contributor in dollar terms coming from the machinery, equipment and supplies subsector.

In the year to February, wholesale sales rose 3.5 percent.

Reporting by Louise Egan and Alex Paterson; Editing by Nick Zieminski

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