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The Canadian economy was resilient in 2016 despite still low oil prices, and the Alberta wildfires which were the costliest natural disaster in Canadian history. The fires caused Q2 GDP to fall - 1.2% q/q annualized and drove the full year rate down to only +1.4%, masking the strength the rest of the year which provided numerous upside surprises. The factors which created those upside surprises will also lay a foundation for continued strength in 2017, which we expect to grow +2.1%.

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