Economy of Czechoslovakia

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After WWII, the economy was centrally planned, with command links controlled by the communist party, similarly to the Soviet Union. The large metallurgical industry was dependent on imports of iron and non-ferrous ores.

Industry: Extractive industry and manufacturing dominated the sector, including machinery, chemicals, food processing, metallurgy, and textiles. The sector was wasteful in its use of energy, materials, and labor and was slow to upgrade technology, but the country was a major supplier of high-quality machinery, instruments, electronics, aircraft, airplane engines and arms to other communist countries.

Agriculture: Agriculture was a minor sector, but collectivized farms of large acreage and relatively efficient mode of production enabled the country to be relatively self-sufficient in food supply. The country depended on imports of grains (mainly for livestock feed) in years of adverse weather. Meat production was constrained by shortage of feed, but the country still recorded high per capita consumption of meat.

Foreign trade: Exports were estimated at US$17.8 billion in 1985. Exports were machinery (55%), fuel and materials (14%), and manufactured consumer goods (16%). Imports stood at estimated US$17.9 billion in 1985, including fuel and materials (41%), machinery (33%), and agricultural and forestry products (12%). In 1986, about 80% of foreign trade was with other communist countries.

via Czechoslovakia – Wikipedia, the free encyclopedia

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