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Theoretical and Applied Economics
No. 3 / 2019 (620), Autumn

The main factors of economic growth in the European Union

Amalia CRISTESCU
Bucharest University of Economic Studies, Romania
National Scientific Research Institute for Labour and Social Protection
Gabriela TÎLVĂR
Bucharest University of Economic Studies, Romania

Abstract. Economic growth has been analysed in depth by many studies, especially in recent years when all economic agents, including governments, have made every effort to promote the return of national economies on a growth trend. At the level of the European Union (EU) the economic growth policy is mainly based on job creation, efficient use of financial resources, investment stimulation and innovation and technology promotion. In this article we have tried to identify the main factors that influence the evolution of the real GDP and the GDP per capita in the EU member states through a data panel econometric analysis. The results showed that at the EU level the economic growth is significantly influenced by private consumption, employment rate and net trade. Investments also have a positive effect, but obviously they need to be further supported and stimulated through effective policies. At the same time, tourism has a favorable impact on the income per capita through occupancy and the number of accommodations within this economic branch.

Keywords: economic growth, private consumption, employment, investments, tourism, data panel.

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