ВПЛИВ ОКРЕМИХ ФАКТОРІВ НА ЕНЕРГЕТИЧНІ РИНКИ КРАЇН ЄС

Abstract

The influence of energy consumption is an outstanding criterion for economic development of any state. European countries are critically dependent on energy supplies because of a high deficit of energy carriers and an energy crisis. The energy dependence makes the energy market not so stable and rises its instability due to global challenges. This article states the subject of research as the description and trends energy factors’ dynamics and their relevance to the other factors of influence on the European economic development. The goal of the article is to analyze and measure significant factors influencing the markets of energy through the current economic development of European countries. We try to analyze the up-to-date situation with ordinary energy carriers consumption, to define the peculiarities of the influence of energy markets on macroeconomic indices. We also try to measure here the degree of influence of energy market indices on macroeconomic development. That might allow us to define the significant factors for analysis and to demonstrate the overall condition of energy markets in the economy. There are the following common scientific methods used: systematic, logical and descriptive; analysis and synthesis; statistical; economic-mathematical modelling, constructing the correlation-regression model. Basing on the analysis made, it was defined that the EU markets of energy have common feature of growing dependence, and that is why their dependence on external factors, which is associated with a significant fall in domestic production, as well as a weak differentiation of markets. The European production of the common energy resources shows a downward trend for all energy markets, that leads to the growing significance of imports. The impact of energy market factors on macroeconomic indices of European countries is defined. The correlation analysis made by us proves the strong influence of oil market on GDP growth rate in Europe. The outstanding energy dependence of European countries shows bigger correlation with external factors, however no direct correlation between energy dependence and economic development was found. The intensive dependence of Europe on energy resources import is a big problem, and the energy security factor is also of high importance for investors. Summarizing it, we declare that energy factors do not have a big impact on the development of EU GDP these days, but the proper use of energy resources is more important than their consumption. This underlines the importance of effective use of resources for the further development of the European Union economy.