Analysis and Forecasting of Energy Data and GDP Based on Pearson Correlation Analysis-Random Forest Algorithm

Abstract

The relationship between energy data and GDP is an important economic issue because energy is the foundation that supports modern economic development. This paper examines the relationship between energy data and GDP and uses Pearson correlation analysis to calculate the relationship between each variable in energy data and annual GDP for 52 regions. The results show that total electricity consumption is the factor with the highest degree of influence on GDP, followed by natural gas consumption, biomass consumption, hydroelectricity consumption, LPG consumption and geothermal energy consumption. This indicates that there is an extremely strong correlation between local energy data and GDP. To further explore this correlation, this paper attempts to predict the GDP of the locality based on the local energy data using a machine learning approach.The Random Forest algorithm is chosen as the machine learning model, and the training, validation and test sets are divided according to the ratio of 6:2:2. By using MSE, RMSE, MAE, MAPE and R to evaluate the model, it is found that the random forest machine learning algorithm can predict the local GDP well.The predicted value of GDP and the actual value of GDP are very close to each other, meanwhile, the value of MSE is 62.779.These findings show that the local energy data are closely related to economic development. The impact of energy factors on the economy should be taken into account when formulating economic policies. In addition, machine learning algorithms can provide strong support for economic forecasting and provide more accurate information for decision makers.