Forecast of water consumption in Serbia: ARIMA modeling

Abstract

Water is a symbol of life. Along with air and food, water is a basic existential need. These facts begin to act more strongly on people's opinion and behavior only when he faced with water supply problems. The question is, how to produce more food in these times of growing need for it, while water resources are limited. The Republic of Serbia has a very significant water capacity. Estimation shows that renewable freshwater resources in Serbia are round 55877.93 million of m 3 /per year (Eurostat, 2020). However, water consumption in Serbia is constantly growing, while population is slightly decreasing, which arise the need for time series analysis of water consumption as a tool for future forecast of water consumption.

Keywords

• water resources
• time series analysis
• arima
• software program eviews