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Czechoslovakia ECONOMY
Gross National Product (GNP): Estimated US$135.6
billion in 1985. Per capita GNP US$8,700. Growth moderate in
first half of 1980s. In 1985 real growth rate 1.6 percent.
Economy centrally planned with command links controlled by
communist party, similar to Soviet Union.
Energy and Mining: Country energy short, relying on
imported crude oil and natural gas from Soviet Union, domestic
brown coal, and nuclear and hydroelectric energy. Energy
constraints a major factor in 1980s. Large metallurgical industry
but dependent on imports for iron and nonferrous ores.
Industry: Extractive and manufacturing industries
dominate sector. Major branches include machinery, chemicals,
food processing, metallurgy, and textiles. In 1985 production of
pig iron 9.6 million tons, crude steel 15 million tons, and
cement 10.3 million tons. Industry wasteful of energy, materials,
and labor and slow to upgrade technology, but country source of
high-quality machinery and arms for other communist countries.
Agriculture: Minor sector but supplied bulk of food
needs. Dependent on large imports of grains (mainly for livestock
feed) in years of adverse weather. In 1980s a good harvests
resulted in decreased reliance on imports. Meat production
constrained by shortage of feed, but high per capita consumption
of meat.
Foreign Trade: Exports estimated at US$17.8 billion in
1985, of which 55 percent machinery, 14 percent fuels and
materials, 16 percent manufactured consumer goods, 7 percent
agricultural and forestry products and 8 percent other. Imports
at estimated US$17.9 billion in 1985, of which 41 percent fuels
and materials, 33 percent machinery, 12 percent agricultural and
forestry products, 6 percent manufactured consumer goods and 8
percent other. In 1986, about 80 percent of foreign trade with
communist countries.
Exchange Rate: Official, or commercial, rate Kcs 5.4
per US$1 in 1987; tourist, or noncommercial, rate Kcs 10.5 per
US$1. Neither rate reflected purchasing power.
Fiscal Year: Calendar year.
Fiscal Policy: State almost exclusive owner of means of
production. Revenues from state enterprises primary source of
revenues followed by turnover tax. Large budget expenditures on
social programs, subsidies, and investments. Budget usually
balanced or small surplus.
Data as of August 1987
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