(Nivedita Bhattacharjee & Nikhil Subba – Reuters)
Canadian auto sales rose 4.9 percent in July as the industry benefited from strong economic growth, even as U.S. sales fell for a fifth consecutive month, according to data released on Tuesday.
Global Automakers of Canada President David Adams said he expects the growth to continue, which should enable Canada to post record full-year auto sales in 2017.
“The Canadian market is trended upwards,” he said. “Part of it has been due to Canada’s brightening economic fortunes.”
Auto sales typically track macro indicators such as employment and economic growth. Canada’s economy grew by 0.6 percent in May from a month earlier, Statistics Canada said last month, exceeding economists’ forecasts for 0.2 percent growth. Click here to read more.