Article

Renewable Energy and Economic Growth: Evidence from European Countries

Stamatiοs NtanosDepartment of Business Administration, School of Business, Economics and Social Sciences, University of West Attica, 12244 Egaleo, GreeceMichalis SkordoulisDepartment of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, GreeceGrigorios L. KyriakopoulosSchool of Electrical and Computer Engineering, National Technical University of Athens, 15780 Zografou, GreeceGaryfallos ArabatzisDepartment of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, GreeceMiltiadis ChalikiasDepartment of Tourism Management, School of Business, Economics and Social Sciences, University of West Attica, 12244 Egaleo, GreeceSpyros GalatsidasDepartment of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, GreeceAthanasios BatziosDepartment of Agricultural Economics, School of Agriculture, Faculty of Agriculture, Forestry and Natural Environment, Aristotle University of Thessaloniki, 54124 Thessaloniki, GreeceApostolia KatsarouDepartment of Education Sciences in Early Childhood, Democritus University of Thrace, 68100 Alexandroupolis, Greece

2018en

ABI

Abstract

This paper aims at examining the relationship between energy consumption deriving from renewable energy sources, and countries’ economic growth expressed as GDP per capita concerning 25 European countries. The used dataset involves European countries’ data for the period from 2007 to 2016. The statistical analysis is based on descriptive statistics, cluster analysis, and autoregressive distributed lag (ARDL), and reveals that all variables are related; this suggests a correlation between the dependent variable of GDP and the independents of renewable energy sources (RES) and Non-RES energy consumption, gross fixed capital formation, and labor force in the long-run. Furthermore, the results show that there is a higher correlation between RES’ consumption and the economic growth of countries of higher GDP than with those of lower GDP. The obtained results are consistent with other papers reviewed in this study.

Identifiers

DOI: 10.3390/su10082626

Citations and references

Cited by 40 references

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