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    Czechoslovakia Economy - 1989

      Overview: Czechoslovakia is highly industrialized and has a well-educated and skilled labor force. Its industry, transport, energy sources, banking, and most other means of production are state owned. The country is deficient, however, in energy and many raw materials. Moreover, its capital plant is old and lags well behind West European standards. Industry contributes over 50% to GNP and construction 10%. About 95% of agricultural land is in collectives or state farms. The centrally planned economy is tightly linked in trade (80%) to the USSR and Eastern Europe. The economy's growth has been sluggish during the 1980s; during the period 1982-88 real GNP growth averaged under 2% (1.4% in 1988). A GNP per capita figure of $10,130 ranks next to the GDR as the highest in the Communist countries.

      GNP: $158.2 billion, per capita $10,130; real growth rate 1.4% (1988)

      Inflation rate (consumer prices): 0.9% (1987)

      Unemployment rate: 0.9% (1987)

      Budget: revenues $22.4 billion; expenditures $21.9 billion, including capital expenditures of $3.7 billion (1986 state budget)

      Exports: $23.5 billion (f.o.b., 1987); @m5commodities--machinery and equipment 57.4%; manufactured consumer goods 16.2%; fuels, minerals, and metals 12.5%; agricultural and forestry products 6.1%, other products 7.8% (1987); @m5partners--USSR, GDR, Poland, Hungary, FRG, Yugoslavia, Austria, Bulgaria, Romania, US

      Imports: $23.9 billion (f.o.b., 1987); @m5commodities--fuels, minerals, and metals 39.8%; machinery and equipment 35.7%; agricultural and forestry products 11.2%; manufactured consumer goods 5.8%; other products 7.5% (1987); @m5partners--USSR, GDR, Poland, Hungary, FRG, Yugoslavia, Austria, Bulgaria, Romania, US

      External debt: $2-3 billion, hard currency indebtedness (1987)

      Industrial production: growth rate 1.2% (1987)

      Electricity: 22,951,000 kW capacity; 84,900 million kWh produced, 5,440 kWh per capita (1988)

      Industries: iron and steel, machinery and equipment, cement, sheet glass, motor vehicles, armaments, chemicals, ceramics, wood, paper products, footwear

      Agriculture: diversified agriculture; main crops--wheat, rye, oats, corn, barley, potatoes, sugar beets, hogs, cattle, horses; net food importer--meat, wheat, vegetable oils, fresh fruits and vegetables

      Aid: NA

      Currency: koruna (plural--koruny); 1 koruna (Kc) = 100 haleru

      Exchange rates: koruny (Kcs) per US$1--5.43 (1987), 5.95 (1986), 6.79 (1985), 6.65 (1984)

      Fiscal year: calendar year

      NOTE: The information regarding Czechoslovakia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Czechoslovakia Economy 1989 information contained here. All suggestions for corrections of any errors about Czechoslovakia Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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