Quantify the Impact of Innovation and Supply, Tranformation, Consumption of Electricity on Economic Development Across EU Countries

Abstract

The objective of the research is to identify the impact of innovation and supply, transformation and consumption of electricity on economic development. In order to analyse the relationship between economic growth, innovation and energy consumption in EU countries, the regression technique was used. The output variable is Gross Domestic Product per capita computed for 26 countries across the EU. The explanatory variables are the potential factors that could have contribution to GDP growth of countries, as well as the innovation – measured by Global Innovation Index and Primary Energy Consumption. The result of research can be used in substantiation of public policies designed to boost the economic development of various countries.

Keywords

• economic growth
• innovation
• supply
• transformation and consumption of electricity
• gdp