Abstract. The study consists in analysing the long-run relationship between saving and the real economic growth for Euro area countries. By using annual data series and econometric techniques like Johansen co-integration procedure, Granger causality or panel data models, our findings suggest the existence of a unidirectional causality between the two macroeconomic variables; the sense of this connection is from real GDP growth rate to gross national saving rate, with a delay of, at least, four years.

Keywords: economic growth; saving; Granger causality; panel data; Euro area.