EU: The Effect of Energy Factors on Economic Growth
( Pp. 169-175)

The main aim of this essay is to investigate the effect of select energy-related variables on economic growth of select oil-importing EU member states. The data used covers the period from 2006 to 2020. Three different regression models were constructed via the gretl software. Namely, the OLS, FE and SE approaches to panel data analysis were used. The FE approach, based on comparative tests, was deemed to be the most appropriate one, and thus was used as the final model for final analysis and interpretation of the results. The main findings suggest that oil prices, oil and renewable energy consumption has a significant positive impact on the economic growth of the selected EU countries. The 2020 pandemic also had a noteworthy effect as well. Coal consumption was found to be the least significant factor in this case.

Kashirin A.D., (2022), EU: THE EFFECT OF ENERGY FACTORS ON ECONOMIC GROWTH. Economic Problems and Legal Practice, 4 => 169-175.

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FE, SE, EU, oil, renewable energy, coal, economic growth, GDP, OLS, FE, SE, econometrics, gretl.