Retail Fast Facts Edition for September 2018 Retail Fast Facts Edition for September 2018... 1 Retail Fast Facts with Sales Data for July 2018... 2 Canadian retail sales changed by 0.3 percent.... 2 Provincial Retail Sales Summary... 3 National Sales Summary... 4 Growth Rates for Key Sectors... 5 Key Sectors Contributing to National Growth Rate for July 2018... 5 National Seasonally Adjusted Sales by Sector for July 2018... 6 Price and Volume Movements for Canada for July 2018... 7 Summary Aggregate Growth Rates for July 2018... 7 National Seasonally Adjusted $K Sales by Sector for July 2018... 8 Key Sectors Contributing to National $K Laspeyres Growth Rate for July 2018... 8 National Seasonally Adjusted $K Sales by Sector for July 2018... 9 $K2012 Retail Trade Aggregates... 10 Influence of Gasoline Prices on Price... 10 Seasonally Unadjusted Retail Services Price Indices for 2018-Q1... 11 Selected Detail for Raw Retail Services Price Indices for 2018-Q1... 12 Seasonally Unadjusted E-commerce Data for July 2018... 13 Seasonally Unadjusted Sales by Sector for Canada for July 2018... 14 Seasonally Unadjusted Sales by Province for July 2018... 15 Seasonally Unadjusted Sales Excluding Cars and Gasoline by Province for July 2018... 16 Recent Months - Seasonally Unadj. Sales Excl. Cars and Gasoline by Province for July 2018... 16 Annual Sales by Sector for Canada for July 2018... 17 Annual Sales by Region... 18 LFS Retail Employment by Province... 19 Retail Locations with Employees by Sector for 2016-01... 20 Retail Locations with Employees by Province for 2016-01... 21 Labour Income in Retail by Province... 22 Labour Income in Retail by Sector... 23 Retail Capital Expenditure... 24 Annual Sales of Key Retail Commodities... 25 Same Day Automobile Travel by Foreigners and Canadians for July 2018... 26 About this Publication... 27 Trend Estimation... 27 Statistics Canada Matrices Used... 27 Formulas... 27 Rolling Sum... 27 Year over Year Growth Rate... 27 Average Annual Rate of Growth... 27 1
Retail Fast Facts with Sales Data for July 2018 Canadian retail sales changed by 0.3 percent. On a seasonally-adjusted basis, the following provinces or cities changed by more than the national average. Newfoundland and Labrador Prince Edward Island Nova Scotia New Brunswick Quebec Montréal, Quebec Saskatchewan Alberta Yukon Northwest Territories Nunavut Some provinces contributed disproportionately to the Canadian increase on the basis of their size as well as their growth rate. The following table shows the provinces which contributed the most to the national growth rate. Province Percentage Contribution Monthly Growth Rate Montréal, Quebec 37.4 1.0 Quebec 34.4 0.4 Alberta 28.0 0.6 Nova Scotia 20.5 2.1 Ontario 18.4 0.1 Trend estimates, shown below, are calculated as centre-weighted moving averages with near-term estimates using truncated weights to include recent history. As such they are a measure of momentum and direction in the actual seasonally adjusted data. A link to the methodology is included at the end of the report. 2
Provincial Retail Sales Summary Region Current Month Trend Value Last Month Year/Year Monthly Yr/Yr Trend $millions % Canada 50,903.5 50,750.5 50,766.5 3.7 0.3 3.3 Newfoundland and Labrador 759.1 750.3 740.8 1.0 2.5-1.4 Prince Edward Island 201.7 201.7 201.0 2.9 0.3 3.7 Nova Scotia 1,349.2 1,339.9 1,321.0 0.8 2.1 0.6 New Brunswick 1,091.0 1,078.0 1,073.1 2.9 1.7 1.1 Quebec 10,966.7 10,934.2 10,919.6 4.7 0.4 4.8 Montréal, Quebec 5,131.4 5,099.1 5,080.1 10.2 1.0 9.9 Ontario 18,888.3 18,772.4 18,863.1 4.8 0.1 3.8 Toronto, Ontario 7,703.1 7,628.5 7,683.9 3.2 0.2 0.9 Manitoba 1,725.8 1,723.6 1,737.9 2.9-0.7 1.8 Saskatchewan 1,671.5 1,658.7 1,664.6 3.0 0.4 2.6 Alberta 6,911.7 6,909.1 6,873.4 3.1 0.6 2.9 British Columbia 7,159.4 7,208.6 7,198.6 1.2-0.5 2.2 Vancouver, British Columbia 3,308.7 3,360.3 3,362.9-2.2-1.6-0.2 Yukon 70.3 69.1 69.8 4.2 0.7 4.8 Northwest Territories 69.9 67.3 65.6 9.5 6.7 5.4 Nunavut 38.8 37.6 37.8 9.7 2.7 4.9 3
National Sales Summary This chart shows the main retail sales aggregate and an aggregate which excludes auto-related expenditure including gasoline sales. Because this aggregate excludes the price movements in gasoline, it exhibits more stability. These series are all in seasonally-adjusted nominal terms. In the detailed analysis below, a trend estimate based on a weighted average of the last 6 observations is shown. This trend estimate is based on a methodology developed by Statistics Canada. The following sectors are more than 2% above their trend estimate. Convenience stores 4
Growth Rates for Key Sectors Key Sectors Contributing to National Growth Rate for July 2018 Sector Monthly Growth Rate Composition of Growth Retail trade 0.3 100.0 Gasoline stations 1.9 80.5 Supermarkets and other grocery (except convenience) stores 1.2 62.0 Miscellaneous store retailers 2.9 27.9 Electronics and appliance stores 2.4 24.7 Beer, wine and liquor stores 1.5 22.1 % 5
National Seasonally Adjusted Sales by Sector for July 2018 Sector Current Month Trend Value Last Month Year/Year Monthly Yr/Yr Trend $millions % Retail trade 50,903.5 50,750.5 50,766.5 3.7 0.3 3.3 Total Motor Vehicles & Parts 13,417.4 13,549.7 13,612.3 1.5-1.4 1.6 Automobile dealers 11,659.5 11,808.6 11,899.4 0.4-2.0 0.8 New car dealers 10,692.8 10,855.7 10,938.1-0.4-2.2 0.4 Used car dealers 966.7 952.9 961.3 9.2 0.6 6.1 Oth. motor veh. dealers 895.8 881.3 861.4 12.0 4.0 8.1 Automotive parts & tires 862.1 859.8 851.5 7.0 1.2 6.8 Furniture & home furnishings 1,571.0 1,567.8 1,558.4 1.1 0.8 0.9 Furniture stores 990.0 979.0 969.6 2.4 2.1 1.6 Home furnishings 581.0 588.8 588.8-1.0-1.3-0.3 Electronics & appl. 1,416.3 1,391.1 1,382.5 10.2 2.4 7.2 Building mat. & garden equip. etc. 3,257.0 3,224.7 3,246.0 5.3 0.3 4.6 Total Food & beverage stores 10,421.4 10,313.7 10,285.2 0.5 1.3 1.1 Grocery stores 7,761.0 7,673.4 7,652.9-0.6 1.4 0.1 Supermarkets & oth. grocery 7,042.1 6,971.2 6,957.2-1.5 1.2-0.6 Convenience stores 719.0 702.2 695.7 8.7 3.3 7.4 Specialty food stores 652.0 654.3 654.2 4.5-0.3 5.0 Beer, wine & liquor 2,008.3 1,986.0 1,978.1 3.7 1.5 3.9 Health & personal care 3,830.6 3,843.0 3,862.9-1.6-0.8-1.1 Gasoline stations 5,855.0 5,786.2 5,744.6 19.2 1.9 14.9 Clothing & accessories 2,947.6 2,916.2 2,916.4 5.2 1.1 4.7 Clothing stores 2,280.6 2,257.3 2,255.6 5.9 1.1 5.7 Shoe stores 355.8 350.7 351.4 1.7 1.3 1.1 Jewellery, lugg. & leather etc. 311.1 308.2 309.4 4.4 0.6 2.4 Sporting, hobby, book & music 1,057.0 1,053.8 1,055.4-1.2 0.1-0.8 General merchandise stores 5,783.5 5,777.9 5,794.4 2.0-0.2 1.9 Miscellaneous store retailers 1,346.6 1,326.4 1,308.4 12.4 2.9 10.0 Autos and Gas 19,272.4 19,335.9 19,356.9 6.3-0.4 5.3 Retail ex Autos & Gas 31,631.1 31,414.6 31,409.5 2.2 0.7 2.2 6
Price and Volume Movements for Canada for July 2018 The chart on the left above shows the data measured in current prices and after adjusting for price change to show volume movements. The chart on the right shows the year over year change in the underlying Fisher price index. Measured in current prices, retail sales changed by 3.7 per cent over the last 12 months. In volume terms ($K), retail sales changed by 0.7 per cent over the same period. The retail goods price index, measured with Fisher fixed weights, changed by 3 per cent over the past year. Much of the recent volatility can be attributed to changes in exchange rates and the gasoline price. The horizontal line shows the arithmetic mean of these year-over-year changes. Summary Aggregate Growth Rates for July 2018 Type Variable 2018-04 2018-05 2018-06 2018-07 Retail$C 49.7 50.8 50.8 50.9 Levels M/M % Y/Y % Retail$K 46.8 47.8 47.7 47.7 Price 106.3 106.2 106.4 106.7 Retail$C -1.0 2.2-0.1 0.3 Retail$K -1.2 2.2-0.2-0.1 Price 0.3-0.1 0.2 0.3 Retail$C 2.0 3.7 4.0 3.7 Retail$K -0.4 0.9 0.8 0.7 Price 2.4 2.7 3.2 3.0 Sales measures are in billions of dollars. The price index is 2012=100. 7
National Seasonally Adjusted $K Sales by Sector for July 2018 This chart is defined using base-period Laspyres prices. Laspyres price estimates are considered to provide a slightly higher estimate of inflation than the Fisher estimates reported above. However, Statistics Canada provides the Laspyres $K estimates at a more detaile level shown in the chart above. Key Sectors Contributing to National $K Laspeyres Growth Rate for July 2018 Sector Monthly Growth Rate Composition of Growth Retail trade 0.0 100.0 Motor vehicle and parts dealers -1.9 1,130.0 General merchandise stores -0.5 130.0 Health and personal care stores -0.5 110.0 Home furnishings stores -2.1 60.0 Specialty food stores -0.9 25.0 % 8
National Seasonally Adjusted $K Sales by Sector for July 2018 Sector Current Month Trend Value Last Month Year/Year Monthly $K 2012 millions % Yr/Yr Trend Share of Monthly Retail trade 47,745.0 47,710.2 47,765.0 0.7 0.0 0.7 100.0 Total Motor Vehicles & Parts 11,917.0 12,083.8 12,143.0-0.5-1.9 0.1 1,130.0 Automobile dealers 10,324.0 10,505.5 10,588.0-1.5-2.5-0.6 1,320.0 New car dealers 9,473.0 9,664.2 9,740.0-2.3-2.7-1.1 1,335.0 Used car dealers 851.0 841.3 848.0 7.7 0.4 5.0-15.0 Oth. motor veh. dealers 770.0 755.8 740.0 9.5 4.1 5.3-150.0 Automotive parts & tires 823.0 822.5 815.0 5.1 1.0 5.0-40.0 Furniture & home furnishings 1,534.0 1,529.8 1,520.0 2.5 0.9 2.4-70.0 Furniture stores 979.0 964.0 953.0 4.9 2.7 4.1-130.0 Home furnishings 555.0 565.7 567.0-1.6-2.1-0.3 60.0 Electronics & appl. 1,610.0 1,581.3 1,571.0 12.3 2.5 9.0-195.0 Building mat. & garden equip. etc. 3,006.0 2,977.9 2,988.0 4.1 0.6 3.6-90.0 Total Food & beverage stores 9,502.0 9,423.9 9,399.0-0.2 1.1 0.4-515.0 Grocery stores 7,082.0 7,018.7 7,002.0-1.2 1.1-0.4-400.0 Supermarkets & oth. grocery 6,458.0 6,413.8 6,399.0-2.0 0.9-1.0-295.0 Convenience stores 624.0 604.9 603.0 8.3 3.5 5.9-105.0 Specialty food stores 581.0 586.4 586.0 4.9-0.9 5.2 25.0 Beer, wine & liquor 1,838.0 1,818.6 1,811.0 2.1 1.5 2.3-135.0 Health & personal care 3,987.0 3,989.3 4,009.0-0.4-0.5-0.4 110.0 Gasoline stations 5,490.0 5,464.4 5,489.0-2.6 0.0-3.4-5.0 Clothing & accessories 2,903.0 2,872.8 2,863.0 4.9 1.4 3.9-200.0 Clothing stores 2,257.0 2,235.5 2,224.0 5.2 1.5 4.3-165.0 Shoe stores 354.0 349.3 350.0 2.6 1.1 1.4-20.0 Jewellery, lugg. & leather etc. 292.0 287.9 289.0 5.4 1.0 3.3-15.0 Sporting, hobby, book & music 1,034.0 1,030.2 1,030.0-0.9 0.4-0.6-20.0 General merchandise stores 5,482.0 5,495.2 5,508.0 0.0-0.5 0.2 130.0 Miscellaneous store retailers 1,282.0 1,262.1 1,245.0 11.9 3.0 9.3-185.0 Autos and Gas 17,407.0 17,548.3 17,632.0-1.1-1.3-1.0 1,125.0 Retail ex Autos & Gas 30,338.0 30,162.0 30,133.0 1.9 0.7 1.7-1,025.0 9
$K2012 Retail Trade Aggregates Influence of Gasoline Prices on Price The chart below shows the base-weighted Laspeyres price index for total retail sales in the left panel and for retail sales excluding gasoline stations on the right. The point of the chart is to indicate the impact of gasoline prices on recent changes in price measures and in nominal retail sales. Gasoline price changes have added significnat volatility as well as obscured the impact of other factors such as exchange rate changes. 10
Seasonally Unadjusted Retail Services Price Indices for 2018-Q1 The chart above shows the price index for the service provided by the retail sector in retailing final goods to consumers. The base year for the price indices is 2013=100. The service margin is the economic production of the retail sector since the goods production is done by other sectors. Its price is based on the difference between the vendor price paid by the retailer and the price received by the retailer. The data are seasonally unadjusted so volatility is necessarily higher and changes between observations should be interpreted with care. The new car sectors (NAICS Codes 4411, 4412) are excluded from the underlying survey and hence from the aggregate. Averaging the year over year changes for the last two quarters yields an unweighted value of 0.4. There were more than 21 sectors with more than double that value. Notable sectors include: Men's clothing Other health & personal care Floor covering Other gasoline stations Women's clothing 11
Selected Detail for Raw Retail Services Price Indices for 2018-Q1 Sector 2017-Q4 2018-Q1 2018-Q1 / 2017-Q4 2017-Q4 / 2016-Q4 Seasonally Unadjusted 2013=100 % 2018-Q1 / 2017-Q1 Retail trade 106.4 105.5-0.8 2.2 0.0 Automotive parts & accessories 101.2 99.5-1.7-1.6-2.4 Furniture & home furnishings 97.2 98.3 1.1-2.4-1.0 Furniture 90.2 92.5 2.5-7.0-1.5 Home furnishings 106.6 106.1-0.5 3.3-0.5 Floor covering 128.0 128.6 0.5 10.2-0.1 Other home furnishings 95.0 94.0-1.1-1.5-0.7 Electronics & appliance 98.6 98.9 0.3-0.9-0.9 Building material & garden equipment & supplies 121.6 123.9 1.9 3.1 3.3 Building material & supplies 122.5 124.9 2.0 2.9 3.7 Lawn & garden equipment & supplies 114.1 114.7 0.5 4.0-1.6 Food & beverage 104.4 103.4-1.0 3.4 0.7 Grocery 100.9 98.5-2.4 5.1 0.5 Supermarkets & other grocery (except convenience) 100.3 98.1-2.2 5.5 0.7 Convenience 107.5 102.2-4.9 2.0-2.8 Specialty food 115.4 118.0 2.3 1.1 3.0 Beer, wine & liquor 108.8 110.3 1.4 0.0 0.2 Health & personal care 105.2 105.6 0.4 4.3 2.4 Pharmacies & drug 104.2 104.7 0.5 4.2 2.3 Cosmetics, beauty supplies & perfume 112.2 114.1 1.7 2.7 1.2 Optical goods 98.6 98.6 0.0 4.1-0.9 Other health & personal care 109.5 109.5 0.0 5.3 6.9 Gasoline stations 113.6 111.5-1.8 3.5 0.5 Gasoline stations with convenience 108.0 105.5-2.3-1.2-2.6 Other gasoline stations 116.8 114.9-1.6 6.1 2.1 Clothing & clothing accessories 105.7 104.3-1.3 0.4-3.0 Clothing 105.6 105.4-0.2 1.2-1.6 Men's clothing 115.1 115.6 0.4 5.6 10.0 Women's clothing 120.4 127.1 5.6 4.2 3.8 Family clothing 97.1 92.9-4.3 0.8-6.1 Other clothing 113.8 113.8 0.0-3.4-1.1 Shoe 94.8 94.2-0.6-6.1-7.0 Jewellery, luggage & leather goods 118.3 107.3-9.3 1.0-8.7 Jewellery 123.6 111.0-10.2 2.6-8.4 Luggage & leather goods 82.7 82.5-0.2-12.9-11.7 Sporting goods, hobby, book & music 109.4 107.5-1.7 2.0-2.0 Sporting goods 109.0 109.5 0.5 1.2 1.2 Hobby, toy & game 104.4 97.4-6.7 6.1-8.6 General merchandise 102.5 96.0-6.3 2.3-2.9 Miscellaneous store retailers 110.5 114.6 3.7 3.3 2.0 12
Seasonally Unadjusted E-commerce Data for July 2018 NAICS 2017-07 2018-04 2018-05 2018-06 2018-07 $millions % 2018-07 / 2017-07 (%) Store-Focussed Retail Sales 50,974.1 48,708.5 56,991.1 55,061.6 52,833.0 3.6 Store-Focussed Retail Sales Excl. Autos & Gas 31,796.4 28,787.7 33,641.3 33,399.4 32,326.6 1.7 Electronic shopping and mail-order houses 847.8 934.6 1,041.1 1,041.0 949.3 12.0 Retail E-commerce sales including 45411 1,215.9 1,343.2 1,471.2 1,458.5 1,329.6 9.4 E-commerce/Store-focussed Retail+45411(%) 2.3 2.7 2.5 2.6 2.5 NA E-commerce/Store-focussed Ex Autos&Gas+45411(%) 3.7 4.5 4.2 4.2 4.0 NA Retail e-commerce sales include the electronic sales of pure-play Canadian retailers shown in NAICS 45411 as well as those in store-focussed businesses. Differing seasonal factors, prices and volumes makes the interpretation of trends in the shares shown in this table difficult. Sales of Amazon.ca, Wayfair.ca and similar foreign suppliers to Canadians are not included. The unweighted average ratio of the e-commerce estimate to the aggregate excluding autos and gas stations for the last 4 months was 4.2 percent. 13
Seasonally Unadjusted Sales by Sector for Canada for July 2018 Sector Current Month Rolling Sum Year to Date Year/Year Y/Y Rolling Sum Yr/Yr YTD $millions % Retail trade 52,833.0 600,993.2 342,825.2 3.6 5.1 3.7 Total Motor Vehicles & Parts 14,235.1 162,370.2 95,702.7 2.7 5.0 2.5 Automobile dealers 12,243.9 142,075.4 83,510.0 1.4 4.7 2.0 New car dealers 11,211.0 130,995.1 76,876.6 0.4 4.4 1.6 Used car dealers 1,032.9 11,080.3 6,633.4 13.5 8.9 6.8 Oth. motor veh. dealers 1,162.0 10,362.9 6,683.9 11.7 3.2 3.6 Automotive parts & tires 829.1 9,931.9 5,508.8 11.0 12.5 9.2 Furniture & home furnishings 1,609.0 18,633.6 10,315.2 1.1 1.9 1.7 Furniture stores 1,028.5 11,576.6 6,450.9 2.4 2.6 1.8 Home furnishings 580.5 7,057.0 3,864.3-1.1 0.7 1.6 Electronics & appl. 1,292.2 16,487.0 8,594.5 12.3 14.1 11.2 Building mat. & garden equip. etc. 3,862.5 37,825.1 21,959.6 7.0 9.1 6.2 Total Food & beverage stores 10,836.0 122,705.6 70,111.4-1.1 2.3 1.1 Grocery stores 7,922.1 91,591.7 52,769.8-2.0 1.2-0.2 Supermarkets & oth. grocery 7,107.4 83,448.5 48,012.5-3.1 0.7-0.8 Convenience stores 814.7 8,143.2 4,757.3 9.3 5.7 5.8 Specialty food stores 664.1 7,721.2 4,340.1 3.6 11.1 9.2 Beer, wine & liquor 2,249.8 23,392.7 13,001.5 0.9 3.9 4.5 Health & personal care 3,709.4 46,381.6 26,454.8-2.1 1.2-0.3 Gasoline stations 6,271.3 66,409.7 39,285.6 17.9 12.3 12.6 Clothing & accessories 2,778.4 33,825.4 17,512.5 4.6 4.6 4.5 Clothing stores 2,166.2 26,133.3 13,572.4 5.6 5.3 5.8 Shoe stores 334.8 4,107.7 2,121.6 0.3 0.0-2.1 Jewellery, lugg. & leather etc. 277.4 3,584.4 1,818.4 2.7 5.1 3.0 Sporting, hobby, book & music 1,006.8 12,762.9 6,456.3-2.4 3.3 0.3 General merchandise stores 5,869.9 68,520.2 37,851.0 1.2 4.2 2.5 Miscellaneous store retailers 1,362.4 15,072.0 8,581.6 12.2 5.5 9.6 Autos and Gas 20,506.4 228,779.9 134,988.3 6.9 7.1 5.2 Retail ex Autos & Gas 32,326.6 372,213.4 207,836.9 1.7 4.0 2.7 14
Seasonally Unadjusted Sales by Province for July 2018 Province Current Month Rolling Sum Year to Date Year/Year Y/Y Rolling Sum Yr/Yr YTD $millions % Canada 52,833.0 600,993.2 342,825.2 3.6 5.1 3.7 Newfoundland and Labrador 826.7 9,173.2 5,057.1 2.2 1.1-1.0 Prince Edward Island 239.1 2,411.7 1,372.9 2.5 5.2 4.8 Nova Scotia 1,455.4 16,144.5 9,110.8 1.1 5.2 3.2 New Brunswick 1,161.5 12,911.8 7,277.5 3.3 4.7 1.7 Quebec 11,562.7 129,022.2 74,487.9 5.3 4.9 4.6 Montréal, Quebec 5,350.0 58,960.4 34,590.5 11.4 6.9 8.9 Ontario 19,312.2 221,390.2 125,828.3 4.7 5.6 4.2 Toronto, Ontario 7,719.0 91,128.4 51,253.5 3.0 4.8 1.6 Manitoba 1,771.5 20,437.2 11,587.5 2.1 3.7 0.7 Saskatchewan 1,766.1 19,702.3 11,254.5 3.5 2.5 1.1 Alberta 7,093.2 81,640.4 46,756.0 2.8 4.5 2.9 British Columbia 7,452.9 86,096.4 48,897.3 0.4 6.3 3.8 Vancouver, British Columbia 3,358.3 40,772.6 23,004.5-3.6 4.6 2.1 Yukon 78.5 829.2 473.1 5.2 7.6 6.7 Northwest Territories 74.8 792.6 464.4 11.1 5.0 5.4 Nunavut 38.3 441.6 257.8 8.5-1.7-0.2 15
Seasonally Unadjusted Sales Excluding Cars and Gasoline by Province for July 2018 Province Current Month Rolling Sum Year to Date Year/Year $millions % Y/Y Rolling Sum Yr/Yr YTD Canada 32,326.6 372,213.4 207,836.9 1.7 4.0 2.7 Newfoundland and Labrador 484.7 5,363.9 2,904.2-0.3-0.8-0.6 Prince Edward Island 142.7 1,454.1 807.9 2.0 4.3 5.0 Nova Scotia 851.3 9,524.0 5,291.0 3.5 5.5 5.0 New Brunswick 642.7 7,448.4 4,092.1 0.8 3.5 1.9 Quebec 7,113.7 80,691.4 45,673.0 3.8 3.3 2.9 Montréal, Quebec 3,476.9 39,518.5 22,480.1 7.2 6.7 6.4 Ontario 11,990.2 139,237.3 77,060.7 0.6 4.6 2.4 Toronto, Ontario 4,740.2 56,185.9 30,707.9-2.6 3.4-0.5 Manitoba 1,087.9 12,615.3 7,085.7 1.3 3.6 2.1 Saskatchewan 1,008.9 11,456.9 6,455.8 3.3 1.3 2.1 Alberta 4,040.6 47,756.9 26,576.0 0.4 3.1 2.2 British Columbia 4,828.4 55,169.9 31,033.6 2.1 5.1 3.8 Vancouver, British Columbia 2,191.5 26,287.9 14,702.8-0.7 4.3 2.8 Recent Months - Seasonally Unadj. Sales Excl. Cars and Gasoline by Province for July 2018 Region 2018-01 2018-02 2018-03 2018-04 2018-05 2018-06 2018-07 Year over Year Percentage Canada 4.4 2.6 4.6-1.5 4.4 2.9 1.7 Newfoundland and Labrador -0.3 0.1 3.3-2.3-1.1-2.7-0.3 Prince Edward Island 8.6 9.6 9.8 0.2 5.9 2.3 2.0 Nova Scotia 5.5 8.4 7.8 0.7 7.0 3.2 3.5 New Brunswick 5.3 1.6 4.9-3.1 3.3 1.2 0.8 Quebec 1.5 1.7 6.8-2.8 4.8 3.9 3.8 Montréal, Quebec 4.4 4.8 11.1 1.3 8.3 7.4 7.2 Ontario 4.8 2.5 4.3-2.5 4.4 3.4 0.6 Toronto, Ontario 3.6 0.2 2.4-6.5 0.0 0.3-2.6 Manitoba 3.1 0.7 3.1-1.2 3.7 3.4 1.3 Saskatchewan 2.7 0.4-0.7-4.2 5.2 6.6 3.3 Alberta 6.0 1.5 2.7-0.3 3.8 1.8 0.4 British Columbia 7.3 5.7 4.9 2.2 4.5 0.9 2.1 Vancouver, British Columbia 5.7 4.7 5.7 1.9 3.9-0.2-0.7 16
Annual Sales by Sector for Canada for July 2018 Sector 2013 2014 2015 2016 2017 Average Ann. Growth Rate Sector Share Seasonally Unadjusted $millions % Retail trade 484,473.5 509,347.4 522,604.8 549,711.3 588,828.0 5.0 100.0 Total Motor Vehicles & Parts 113,086.8 122,725.8 132,463.5 146,023.1 160,073.5 9.1 27.2 Automobile dealers 97,918.4 106,971.3 116,140.7 128,405.9 140,474.7 9.4 23.9 New car dealers 91,428.7 100,028.0 107,923.9 118,679.2 129,815.7 9.2 22.0 Used car dealers 6,489.8 6,943.3 8,216.8 9,726.6 10,659.0 13.2 1.8 Oth. motor veh. dealers 7,653.2 7,802.4 8,364.9 9,368.8 10,131.7 7.3 1.7 Automotive parts & tires 7,515.2 7,952.1 7,957.9 8,248.4 9,467.1 5.9 1.6 Furniture & home furnishings 15,438.4 16,104.9 17,079.9 17,768.8 18,457.8 4.6 3.1 Furniture stores 9,687.2 10,034.7 10,496.9 10,923.3 11,463.3 4.3 1.9 Home furnishings 5,751.2 6,070.2 6,583.1 6,845.5 6,994.5 5.0 1.2 Electronics & appl. 13,691.0 13,812.1 13,569.7 13,855.5 15,624.3 3.4 2.7 Building mat. & garden equip. etc. 27,412.6 28,231.0 30,274.9 32,451.1 36,550.4 7.5 6.2 Total Food & beverage stores 108,125.7 111,709.1 115,042.5 117,900.9 121,913.6 3.0 20.7 Grocery stores 82,658.0 85,182.1 87,200.7 88,939.1 91,719.5 2.6 15.6 Supermarkets & oth. grocery 76,092.7 78,233.9 79,859.8 81,441.2 83,837.5 2.5 14.2 Convenience stores 6,565.3 6,948.2 7,340.9 7,497.8 7,882.0 4.7 1.3 Specialty food stores 5,836.7 6,196.3 6,472.0 6,626.9 7,357.4 6.0 1.2 Beer, wine & liquor 19,631.0 20,330.8 21,369.8 22,335.0 22,836.7 3.9 3.9 Health & personal care 35,328.0 36,968.2 38,996.1 44,554.2 46,471.8 7.1 7.9 Gasoline stations 61,563.0 64,636.4 56,002.6 54,935.0 62,001.5 0.2 10.5 Clothing & accessories 27,234.2 28,236.6 30,478.4 31,786.8 33,069.4 5.0 5.6 Clothing stores 21,295.9 22,092.2 23,756.9 24,589.4 25,384.9 4.5 4.3 Shoe stores 3,063.3 3,185.6 3,512.5 3,970.6 4,152.4 7.9 0.7 Jewellery, lugg. & leather etc. 2,875.0 2,958.8 3,209.1 3,226.7 3,532.2 5.3 0.6 Sporting, hobby, book & music 10,823.0 11,403.3 11,800.1 12,057.4 12,745.2 4.2 2.2 General merchandise stores 59,823.0 63,247.0 64,058.0 64,231.0 67,602.4 3.1 11.5 Miscellaneous store retailers 11,947.8 12,272.9 12,838.9 14,147.6 14,318.0 4.6 2.4 Autos and Gas 174,649.9 187,362.2 188,466.1 200,958.1 222,074.9 6.2 37.7 Retail ex Autos & Gas 309,823.7 321,985.2 334,138.7 348,753.2 366,753.1 4.3 62.3 17
Annual Sales by Region Province 2013 2014 2015 2016 2017 Average Ann. Growth Rate Regional Share Seasonally Unadjusted $millions % Canada 484,473.5 509,347.4 522,604.8 549,711.3 588,828.0 5.0 100.0 Newfoundland and Labrador 8,593.8 8,911.7 8,971.6 9,011.4 9,226.7 1.8 1.6 Prince Edward Island 1,939.3 2,007.2 2,058.7 2,209.1 2,349.2 4.9 0.4 Nova Scotia 13,639.0 14,018.1 14,046.4 14,709.6 15,861.3 3.8 2.7 New Brunswick 11,073.8 11,479.3 11,730.2 11,977.9 12,792.1 3.7 2.2 Quebec 106,889.7 109,627.9 111,754.7 119,181.2 125,723.4 4.1 21.4 Montréal, Quebec 48,540.5 49,979.7 51,453.0 54,197.1 56,121.7 3.7 9.5 Ontario 168,875.7 178,470.5 187,934.9 200,885.5 216,317.6 6.4 36.7 Toronto, Ontario 68,960.6 73,554.4 77,342.6 82,713.2 90,325.1 7.0 15.3 Manitoba 17,252.4 17,975.3 18,210.4 18,890.9 20,361.6 4.2 3.5 Saskatchewan 18,285.5 19,150.0 18,517.7 18,803.5 19,577.1 1.7 3.3 Alberta 73,214.4 78,989.8 75,850.9 74,997.3 80,317.6 2.3 13.6 British Columbia 62,944.2 66,915.9 71,609.3 77,108.5 84,291.0 7.6 14.3 Vancouver, British Columbia 28,995.3 31,147.8 34,603.0 37,585.0 40,296.4 8.6 6.8 Yukon 652.6 663.0 697.5 751.1 799.5 5.2 0.1 Northwest Territories 759.4 780.5 821.5 753.5 768.9 0.3 0.1 Nunavut 353.8 358.2 400.8 431.7 442.1 5.7 0.1 18
LFS Retail Employment by Province Province Employment 2012 2015 2017 Average Ann. Growth Share of Total Empl. Province LFS (000) % Canada Newfoundland and Labrador Prince Edward Island Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Total 2,051.9 2,065.8 2,136.2 0.8 11.6 Full-time 1,326.2 1,352.5 1,412.3 1.3 9.5 Part-time 725.7 713.3 723.9 0.0 20.5 Total 33.0 36.4 36.2 1.9 16.2 Full-time 23.4 26.6 27.1 3.0 14.2 Part-time 9.5 9.8 9.1-0.9 27.4 Total 8.9 9.6 9.4 1.1 12.8 Full-time 6.0 6.5 6.3 1.0 10.2 Part-time 2.8 3.1 3.1 2.1 26.1 Total 61.9 59.9 63.8 0.6 14.2 Full-time 40.6 40.5 42.3 0.8 11.6 Part-time 21.3 19.4 21.5 0.2 25.3 Total 46.2 45.6 45.3-0.4 12.8 Full-time 33.2 32.5 32.7-0.3 10.8 Part-time 13.0 13.1 12.6-0.6 24.7 Total 476.3 521.9 505.2 1.2 12.0 Full-time 313.8 344.3 345.1 1.9 10.1 Part-time 162.5 177.7 160.2-0.3 19.7 Total 783.6 761.3 806.1 0.6 11.3 Full-time 479.6 471.3 512.2 1.3 8.9 Part-time 304.0 290.0 293.9-0.7 21.8 Total 70.8 69.9 70.0-0.2 10.9 Full-time 47.5 47.5 46.5-0.4 8.9 Part-time 23.3 22.4 23.5 0.2 18.9 Total 64.0 63.7 68.3 1.3 12.0 Full-time 43.1 44.9 46.5 1.5 10.0 Part-time 20.9 18.8 21.8 0.8 21.5 Total 241.7 229.3 241.6 0.0 10.6 Full-time 165.3 156.4 159.0-0.8 8.5 Part-time 76.4 72.9 82.6 1.6 19.6 Total 265.4 268.0 290.4 1.8 11.8 Full-time 173.5 181.9 194.8 2.3 10.1 Part-time 91.9 86.1 95.6 0.8 18.0 Data include self-employed and employees. 19
Retail Locations with Employees by Sector for 2016-01 Sector Total 1-9 10-19 20-49 50-99 100+ Number of Employees Retail trade 144,844 94,251 26,897 15,170 5,576 2,950 Automobile dealers 6,229 2,678 839 1,635 822 255 Other motor vehicle dealers 2,234 1,307 536 344 43 4 Automotive parts, accessories and tire stores 4,657 2,993 1,333 302 28 1 Furniture stores 3,279 2,153 575 438 88 25 Home furnishings stores 4,302 3,091 791 241 143 36 Electronics and appliance stores 8,244 6,773 881 396 173 21 Building material and supplies dealers 6,937 3,964 1,385 1,002 317 269 Lawn and garden equipment and supplies stores 1,507 982 304 170 41 10 Grocery stores 15,348 9,329 1,922 1,308 1,521 1,268 Specialty food stores 6,876 4,623 1,553 563 103 34 Beer, wine and liquor stores 4,148 2,283 1,379 417 56 13 Health and personal care stores 16,655 10,671 2,840 2,422 671 51 Gasoline stations 9,457 6,285 2,420 642 99 11 Clothing stores 16,477 10,296 3,612 1,916 616 37 Shoe stores 3,226 2,065 859 289 13 0 Jewellery, luggage and leather goods stores 3,500 2,935 472 87 4 2 Sporting goods, hobby and musical instrument stores 5,721 3,740 965 717 232 67 Book stores and news dealers 1,042 701 166 130 34 11 Department stores 584 2 1 6 44 531 Other general merchandise stores 6,167 3,105 1,660 923 235 244 Florists 1,785 1,636 116 30 2 1 Office supplies, stationery and gift stores 3,549 2,599 508 407 32 3 Used merchandise stores 1,455 810 423 85 136 1 Other miscellaneous store retailers 7,177 5,781 923 405 59 9 20
Retail Locations with Employees by Province for 2016-01 Geography Total 1-9 10-19 20-49 50-99 100+ Number of Employees Canada 144,844 94,251 26,897 15,170 5,576 2,950 Newfoundland and Labrador 2,814 1,902 571 228 69 44 Prince Edward Island 750 502 130 89 19 10 Nova Scotia 4,252 2,731 864 463 111 83 New Brunswick 3,430 2,220 680 371 94 65 Quebec 33,875 22,026 5,881 3,944 1,469 555 Ontario 51,632 33,914 9,268 5,225 1,997 1,228 Manitoba 4,703 2,848 1,020 557 159 119 Saskatchewan 4,957 3,171 987 554 157 88 Alberta 17,397 11,098 3,394 1,777 754 374 British Columbia 20,571 13,580 3,989 1,901 726 375 Yukon 192 122 44 19 3 4 Northwest Territories 188 104 55 18 8 3 Nunavut 83 33 14 24 10 2 21
Labour Income in Retail by Province Province Compensation 2012 2015 2016 2017 Average Ann. Growth Canada Newfoundland and Labrador Prince Edward Island Nova Scotia New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Yukon Northwest Territories Nunavut $ % Total Compensation 62,105.6 71,518.3 73,071.9 75,639.4 4 Employee $HR 20.55 22.54 22.55 23.02 2.3 Total Compensation 1,016.9 1,118.5 1,147.3 1,157.7 2.6 Employee $HR 20.17 23.71 24.25 26.37 5.5 Total Compensation 233.0 248.7 252.7 265.1 2.6 Employee $HR 15.99 18.48 18.77 18.97 3.5 Total Compensation 1,805.1 1,967.9 2,027.0 2,078.5 2.9 Employee $HR 17.2 20.15 20.46 20.86 3.9 Total Compensation 1,136.0 1,220.1 1,280.4 1,292.4 2.6 Employee $HR 17.39 18.28 19.33 19.07 1.9 Total Compensation 13,852.1 15,217.5 15,471.1 15,752.9 2.6 Employee $HR 19.33 20.62 20.49 20.85 1.5 Total Compensation 22,657.2 27,295.7 27,794.1 29,057.9 5.1 Employee $HR 20.71 22.81 22.75 23.33 2.4 Total Compensation 1,956.1 2,139.1 2,245.6 2,342.4 3.7 Employee $HR 19.48 22.31 23.14 23.67 4 Total Compensation 2,036.0 2,324.7 2,340.2 2,343.1 2.8 Employee $HR 20.57 22.71 22.15 23.17 2.4 Total Compensation 8,619.3 10,022.8 10,103.4 10,562.8 4.2 Employee $HR 23.4 26.11 25.72 26.33 2.4 Total Compensation 8,556.0 9,693.7 10,131.4 10,499.1 4.2 Employee $HR 21.49 23.15 23.62 23.64 1.9 Total Compensation 87.9 92.6 95.6 97.0 2 Employee $HR 20.05 17.12 16.23 15.62-4.9 Total Compensation 97.7 122.1 124.7 131.1 6.1 Employee $HR 25.02 25.37 23.27 24.59-0.3 Total Compensation 52.2 55.0 58.2 59.4 2.6 Employee $HR 21.78 21.55 19.27 20.99-0.7 Compensation in $millions includes self-employed income and employer's social contributions. Sector definition includes non-store retailers. Employer's Social Contributions are also referred to as supplementary labour income. This income is divided into six distinct categories which include employers' contributions to registered private and public sector pension plans, the Canada and Quebec pension plans, the Employment Insurance Fund, workers' compensation funds, health and life insurance plans, and retirement allowances. 22
Labour Income in Retail by Sector Sector Compensation 2012 2015 2016 2017 Average Ann. Growth Retail trade Motor vehicle and parts dealers Furniture and home furnishings stores Electronics and appliance stores Building material and garden equipment and supplies dealers Food and beverage stores Health and personal care stores Gasoline stations Clothing and clothing accessories stores Sporting goods, hobby, book and music stores General merchandise stores Miscellaneous store retailers Non-store retailers $ % Total Compensation 62,105.6 71,518.3 73,071.9 75,639.4 4 Employee $HR 20.55 22.54 22.55 23.02 2.3 Total Compensation 9,827.5 11,890.8 12,068.3 12,861.3 5.5 Employee $HR 28.36 31.08 30.74 31.99 2.4 Total Compensation 3,084.4 3,689.4 3,740.7 3,846.9 4.5 Employee $HR 22.84 23.22 23.23 24.25 1.2 Total Compensation 2,456.5 2,519.0 2,742.9 2,864.1 3.1 Employee $HR 25.13 28.42 29.59 28.67 2.7 Total Compensation 5,316.6 6,311.6 6,319.6 6,585.2 4.4 Employee $HR 22.66 23.84 23.64 24.37 1.5 Total Compensation 12,908.1 14,604.9 14,731.3 15,058.9 3.1 Employee $HR 18 19.79 19.41 19.51 1.6 Total Compensation 6,501.8 7,368.9 7,792.1 7,958.1 4.1 Employee $HR 23.69 23.13 24.09 24.63 0.8 Total Compensation 2,043.6 2,315.1 2,348.0 2,450.6 3.7 Employee $HR 17.38 18.95 18.44 18.58 1.3 Total Compensation 6,154.7 6,998.1 7,011.3 7,164.7 3.1 Employee $HR 18.01 20.2 19.54 20.4 2.5 Total Compensation 2,047.8 2,354.0 2,361.9 2,436.2 3.5 Employee $HR 17.53 21.24 19.81 20.16 2.8 Total Compensation 7,183.2 7,907.0 8,202.6 8,480.3 3.4 Employee $HR 17.16 20 21.13 21.02 4.1 Total Compensation 2,741.5 3,157.4 3,244.1 3,333.7 4 Employee $HR 17.26 18.64 18.82 19.12 2.1 Total Compensation 1,840.1 2,402.3 2,509.2 2,599.3 7.2 Employee $HR 29.11 30.87 31.3 32.98 2.5 Compensation in $millions includes self-employed income and employer's social contributions. Sector definition includes non-store retailers. 23
Retail Capital Expenditure Province 2013 2016 2017 2018 Average Ann. Growth Total Capital Share $ % Canada 7,854.3 6,444.7 6,237.3 6,510.1-3.7 2.7 Newfoundland and Labrador 201.3 123.2 80.9 99.5-13.1 1.6 Prince Edward Island 41.7 21.8 36.1 30.7-5.9 5.3 Nova Scotia 233.7 180.4 168.6 193.9-3.7 5.2 New Brunswick 191.6 128.7 149.2 157.2-3.9 4.3 Quebec NA 1,125.3 1,189.6 1,319.4 NA 3.5 Ontario 2,631.8 2,391.8 2,249.0 2,188.5-3.6 3.0 Manitoba 280.4 226.2 230.1 240.9-3.0 2.6 Saskatchewan 303.9 233.1 290.0 317.0 0.8 2.2 Alberta 1,231.0 1,171.3 1,052.5 1,119.3-1.9 2.1 British Columbia 860.5 809.7 761.0 814.9-1.1 2.5 Yukon NA 7.7 10.4 7.8 NA 1.2 Northwest Territories NA 7.1 7.4 5.5 NA 0.7 Nunavut NA 18.5 12.6 15.7 NA 1.2 24
Annual Sales of Key Retail Commodities Commodity 2013 2015 2016 2017 Avg. Ann. Growth Share of All Goods $millions % Commodities, Commissions & Services 484,473.5 522,604.8 549,711.3 588,828.0 5.0 100.0 Retail Services (except commissions) 470,336.9 506,307.4 532,318.5 570,734.6 5.0 96.9 Food 84,523.2 92,159.6 96,105.3 99,909.2 4.3 17.0 Soft drinks and non-alcoholic beverages 6,192.4 6,329.5 6,136.2 6,743.9 2.2 1.1 Alcoholic beverages 21,968.8 24,540.3 25,858.6 26,534.9 4.8 4.5 Clothing 27,786.4 29,857.2 29,950.9 30,361.6 2.2 5.2 Men's clothing 8,648.8 9,229.1 9,216.1 9,379.9 2.0 1.6 Women's clothing 15,552.5 16,753.2 16,914.5 17,003.3 2.3 2.9 Children's and infants' clothing, 3,058.0 3,401.4 3,272.4 3,399.7 2.7 0.6 Footwear 6,109.5 6,961.8 7,174.2 7,529.8 5.4 1.3 Jewellery and watches, 3,246.7 3,490.7 3,653.5 4,090.5 5.9 0.7 Home furniture, furnish., appl. & electronics 42,771.7 45,358.0 47,564.6 51,338.2 4.7 8.7 Indoor home furniture 8,138.7 9,104.2 9,283.0 9,250.5 3.3 1.6 Home furnishings 4,920.4 5,597.4 6,243.6 6,610.2 7.7 1.1 Home appliances 6,493.0 6,837.4 7,435.4 8,927.6 8.3 1.5 Home electronics 12,769.9 12,072.3 12,300.1 13,893.4 2.1 2.4 Toys and games, 3,933.1 4,246.8 4,010.4 3,735.8-1.3 0.6 Motor vehicles 83,018.4 99,211.3 110,633.3 122,058.0 10.1 20.7 New motor vehicles 56,052.7 65,321.9 73,594.5 82,170.7 10.0 14.0 Used motor vehicles 26,965.6 33,889.3 37,038.8 39,887.3 10.3 6.8 Recreational vehicles 6,477.1 7,285.0 7,746.5 8,823.2 8.0 1.5 Motor vehicle parts, acc. & supplies 16,405.3 17,775.6 19,017.7 20,998.7 6.4 3.6 Automotive fuels 55,592.8 49,207.2 46,974.5 53,596.2-0.9 9.1 Pharmaceuticals 30,034.4 31,579.3 33,793.5 34,650.5 3.6 5.9 Personal and beauty products, 9,408.8 10,684.2 11,923.1 12,477.0 7.3 2.1 Hardware and tools, 4,613.6 4,612.0 5,085.4 5,393.6 4.0 0.9 Renovation materials and supplies, 24,929.1 27,413.3 28,897.8 31,935.7 6.4 5.4 Home lawn & garden equip. and supplies 2,508.4 2,887.5 3,273.3 4,192.3 13.7 0.7 Retail trade commissions 4,347.8 4,493.9 4,431.6 4,440.9 0.5 0.8 25
Same Day Automobile Travel by Foreigners and Canadians for July 2018 Province Direction 2017 Jul 2018 Jun 2018 Jul Monthly 12 Month Canada Share People % Canada New Brunswick Quebec Ontario Manitoba Saskatchewan Alberta British Columbia Yukon Canadians 2,085,746.0 1,998,059.0 2,092,909.0 4.7 0.3 100.0 Foreign 1,000,232.0 830,408.0 986,757.0 18.8-1.3 100.0 Canadians 179,808.0 176,742.0 170,522.0-3.5-5.2 8.1 Foreign 65,290.0 52,749.0 64,359.0 22.0-1.4 6.5 Canadians 173,234.0 153,630.0 178,132.0 15.9 2.8 8.5 Foreign 61,116.0 48,301.0 58,578.0 21.3-4.2 5.9 Canadians 1,020,540.0 973,000.0 986,926.0 1.4-3.3 47.2 Foreign 655,097.0 540,768.0 652,287.0 20.6-0.4 66.1 Canadians 54,046.0 44,592.0 53,477.0 19.9-1.1 2.6 Foreign 19,121.0 16,384.0 17,883.0 9.1-6.5 1.8 Canadians 11,687.0 10,987.0 11,055.0 0.6-5.4 0.5 Foreign 3,768.0 3,317.0 3,725.0 12.3-1.1 0.4 Canadians 17,874.0 13,615.0 17,017.0 25.0-4.8 0.8 Foreign 13,735.0 7,725.0 11,749.0 52.1-14.5 1.2 Canadians 621,723.0 620,796.0 669,017.0 7.8 7.6 32.0 Foreign 174,702.0 153,549.0 169,732.0 10.5-2.8 17.2 Canadians 6,820.0 4,685.0 6,728.0 43.6-1.3 0.3 Foreign 7,402.0 7,613.0 8,443.0 10.9 14.1 0.9 Seasonally Unadjusted 26
About this Publication The materials in this report are based on data drawn from Statistics Canada under its open license. Retail Fast Facts is a product of the Retail Council of Canada and is copyrighted. The charts, tables and analysis were developed by Jacobson Consulting Inc (JCI). http://www.jacobsonconsulting.com In particular, JCI is responsible for the detailed trend_cycle timeseries and special aggregates such as those excluding auto retailers and gasoline stations. Trend Estimation The trend methodology was developed at Statistics Canada and is documented at this link http://www.statcan.gc.ca/eng/blog-blogue/cs-sc/trend_cycle. JCI has licensed its R implementation of the Statistics Canada methodology to RCC for use in this publication. The current-period trend estimate is the 6 period weighted average of recent data. If the current observation is below the trend estimate, this might indicate a change in momentum or direction. Statistics Canada Matrices Used Retail Store Data - 20100008, 20100078 E-commerce retail data - 20100072 Retail Services Price Data - 18100252 LFS Data - 14100023 Compensation - 36100489 Capital Expenditure - 34-10-0035 Retail Commodity Data - 11100236 Same Day Travel Data - 24100041 Retail Locations Data - 33100040 Formulas Rolling Sum i=11 t=0 X t i The sum of the observations from the current period back over the last year Year over Year Growth Rate (( X t=0 X t 12 ) 1) The year over year growth rate is calculated as the ratio of the two observations to give the simple proportionate change between the two periods. Average Annual Rate of Growth 1 ) X t n ((( X t=0 n ) 1) The compound average annual rate of growth is the rate which applied N times (once per period) to the base observation will yield the end point. 27