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Renewable Energy and Economic Growth: Evidence from European Countries

Author

Listed:
  • Stamatios Ntanos

    (Department of Business Administration, School of Business, Economics and Social Sciences, University of West Attica, 12244 Egaleo, Greece)

  • Michalis Skordoulis

    (Department of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, Greece)

  • Grigorios Kyriakopoulos

    (School of Electrical and Computer Engineering, National Technical University of Athens, 15780 Zografou, Greece)

  • Garyfallos Arabatzis

    (Department of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, Greece)

  • Miltiadis Chalikias

    (Department of Tourism Management, School of Business, Economics and Social Sciences, University of West Attica, 12244 Egaleo, Greece)

  • Spyros Galatsidas

    (Department of Forestry and Management of the Environment and Natural Resources, School of Agricultural and Forestry Sciences, Democritus University of Thrace, 68200 Orestiada, Greece)

  • Athanasios Batzios

    (Department of Agricultural Economics, School of Agriculture, Faculty of Agriculture, Forestry and Natural Environment, Aristotle University of Thessaloniki, 54124 Thessaloniki, Greece)

  • Apostolia Katsarou

    (Department of Education Sciences in Early Childhood, Democritus University of Thrace, 68100 Alexandroupolis, Greece)

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.

Suggested Citation

  • Stamatios Ntanos & Michalis Skordoulis & Grigorios Kyriakopoulos & Garyfallos Arabatzis & Miltiadis Chalikias & Spyros Galatsidas & Athanasios Batzios & Apostolia Katsarou, 2018. "Renewable Energy and Economic Growth: Evidence from European Countries," Sustainability, MDPI, Open Access Journal, vol. 10(8), pages 1-13, July.
  • Handle: RePEc:gam:jsusta:v:10:y:2018:i:8:p:2626-:d:160100
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    References listed on IDEAS

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