Province Of Manitoba 18-K/A Annual report (foreign governments) (amended)

Exhibit 99.1

Economy

																Compound
																Annual
	Year Ended December 31,															Growth Rate
	2001			2002			2003			2004			2005			2001-2005
	(In millions of dollars unless otherwise indicated)
Nominal Gross Domestic Product	$	35,129		$	36,645		$	37,802		$	40,171		$	42,113			4.6	%
Change in Real Gross Domestic Product
Manitoba		0.8	%		2.0	%		2.0	%		2.7	%		2.9	%		—
Canada		1.8			3.1			2.0			2.9			2.9			—
Manufacturing Shipments	$	11,344		$	11,820		$	12,696		$	13,518		$	13,964			5.3
Farm Cash Receipts		3,701			3,848			3,574			3,903			3,743			0.03
Capital Investment		5,803			6,013			6,163			6,699			6,963			4.7
Personal Income		29,246			29,918			30,756			32,009			32,996			3.1
Population at July 1 (in thousands)		1,151			1,156			1,162			1,170			1,178			0.6
Average Unemployment Rate		5.0	%		5.1	%		5.0	%		5.3	%		4.8	%		—
Change in Consumer Price Index (Manitoba)		2.6			1.6			1.8			2.0			2.7			—
Average exchange rate (C$  per U.S.$)		1.5484			1.5704			1.4015			1.3015			1.2116			—

Imports and Exports

In 2005, the value of Manitoba’s exports of goods and services increased 4.1% to $25.3 billion (increased 6.5% to $24.3 billion in 2004), based on the Provincial Economic Accounts from the Manitoba Bureau of Statistics. Total imports increased 4.1% to $26.7 billion (increased 4.8% to $25.6 billion in 2004). The overall trade balance declined by $0.1 billion in 2005 following an improvement of $0.3 billion in 2004.

Manitoba’s total exports are split relatively evenly between foreign markets and the rest of Canada. International exports of goods and services accounted for 49.7% or $12.6 billion of total exports in 2005 (49.8% or $12.1 billion in 2004); while interprovincial exports accounted for 50.3% or $12.7 billion in 2005 (50.2% or $12.2 billion in 2004).

Goods exports account for 91.2% of all international exports in 2005 (90.8% in 2004) while services account for 8.8% (9.2% in 2004). The top five international exports in 2005 were: agricultural products (17.8% of total international exports), food and beverages (11.2%), transportation equipment (10.4%), primary metals (9.5%) and machinery and equipment (8.0%).

Goods exports account for 50.4% of all interprovincial exports in 2005 (51.6% in 2004) while services exports account for 49.6% (48.4% in 2004). The top five industrial exports categories were: food and beverages (13.6% of total interprovincial exports), wholesale and retail trade (12.2%), transportation equipment (8.3%), agricultural products (8.1%) and finance, insurance and real estate (7.4%).

International imports of goods and services accounted for 43.7% or $11.7 billion in 2005 of total imports to Manitoba (44.4% or $11.4 billion in 2004) while interprovincial imports accounted for 56.3% or $15.0 billion (55.6% or $14.2 billion in 2004).

Good imports account for 85.9% of all international imports in 2005 (85.6% in 2004) while services imports account for 14.1% (14.4% in 2004). The top five industrial import categories were: machinery and equipment (22.4% of total international imports), transportation equipment (15.6%), electrical and electronic products (9.9%), chemicals and pharmaceuticals (8.8%) and fabricated metal products (7.5%).

Goods imports account for 59.3% of all interprovincial imports in 2005 (59.9% in 2004) while services imports account for 40.7% (40.1% in 2004). The top five industrial import categories were: food and beverages (11.2% of total interprovincial imports), petroleum and coal products (10.4%), wholesale and retail trade (9.4%), finance, insurance and real estate (8.5%) and transportation equipment (5.7%).