The short answer is yes. Soviet-style planned economies revealed themselves very good at producing raw industrial goods (and consequentially, catch-up growth) but very poor at expanding past the immediate needs of the industrialization process. This was one of the partial drivers of the Eastern Bloc's economic malaise in the 1970's.

Initially, the soviet economy as set up by Vladimir Lenin after the Russian Revolution of 1917 saw small businesses and agriculture continued to be privately run, while banks, big businesses, key industries, and foreign trade were all handled by the state. Of course, once Lenin died in 1924 a debate began on how economic policy should continue to be run, as industrialization under the previous policy, although steady, had been underwhelming and unsatisfactory. Joseph Stalin, the General Secretary of the Communist Party, devised a new plan. Stalin nationalized what amounted to the whole of the economy, and being an engineer by training ran Russia with specific directives stipulating, "If we input this much X, we should get this much Y." This system worked fairly well in the post-war years, but without a way to gauge what the market actually needs, by the late-1960s/early-1970s there were more tractors and poured concrete than the economy could absorb. With little or no attention paid consumer consumption, economic growth as measured by western standards came to a halt. Of course, the Soviet Politburo could continue pointing towards all the tractors, trucks, and missiles they were producing, without mentioning that no one was consuming them (apart from the army; but that's another story). Interestingly, the Soviet satellite states did end up taking on a lot of foreign debt to expand production of some consumer products, mainly food production, (and in the specific case of Poland, sausages) however with little or no goods being sold outside of the Soviet Block, this rapidly led to a sovereign debt crisis. True, embargoes played a small role, but the fundamental problem was that the Eastern Block was producing a lot of things that no one wanted.

Farm to Factory: A Reinterpretation of the Soviet Industrial Revolution by Robert C. Allen (Princeton University Press, 2003) is an acclaimed text that gives a thorough overview of the Soviet decision-making process and how it changed as the Communist Party changed. It might be interesting for you to look at it.

A less economic but more complete history of the Eastern Block is Mark Gilbert's Cold War Europe: The Politics of a Contested Continent (Rowman & Littlefield, 2014).