ABSTRACT
Economic performance in the 1960s and 1970s Whatever else it did, the Yugoslav economy certainly grew rapidly over the two decades 1962-81. As Table 5.1 shows, the average annual rate of growth for National Income was consistently at, or above 5 per cent, and the rate of increase of industrial production continued to be sustained at a remarkably high level. Year-to-year fluctuations in total output trends owed more to the impact of the weather on agricultural production trends than to any instability on the industrial side. When we break the twentyyear period down into sub-periods, a clear pattern emerges. Up to 1965 the very high rates of growth of the 1950s were largely maintained, despite institutional instability. They then slackened off a little in the late 1960s, only to recover impressively in the early 1970s. Production growth rates fell off somewhat after the first oil shock, as was to be expected, but the slow-down was less than dramatic, and industrial output continued to grow at well above 5 per cent.
