The influence features of individual factors on EU countries’ energy markets

Abstract

The energy consumption impact is an important factor in the development of countries' economies. The European region is energy-dependent due to a significant shortage of energy carriers and an energy crisis. The energy dependence weakens the energy market and increases its vulnerability to external influences. The subject of research in the article is the characteristics, objective laws, and trends of the development of energy factors that are relative to other influence factors on the economic development of European countries. And the purpose is to analyze and assess important factors influencing the energy markets on the modern economic development of European countries. The task is to analyze the current state of traditional energy resource consumption, to determine the specifics of the impact of energy markets on macroeconomic indicators. To assess the influence degree of energy market indicators on macroeconomic development, which allows to identify the important factors for analysis and to indicate the general position of energy markets in the economy there are used following general scientific methods: systematic, logical and descriptive; analysis and synthesis; statistical; economic-mathematical modeling, namely the construction of a correlation-regression model. Based on the conducted analysis, it was established that the energy markets of the EU have a general feature of increasing dependence, and therefore their sensitivity on external factors, which is associated with a significant decrease in domestic production, as well as a weak differentiation of markets. The production of the main energy resources in Europe has a downward trend for all energy markets, which leads to the increased importance of imports. The influence of energy market factors on the macroeconomic indicators of EU countries is determined. The conducted correlation analysis confirmed the significant impact of the oil market on the GDP growth rate in the EU. The high energy dependence of the EU countries indicates the increased dependence on external factors but no direct correlation between energy dependence and economic development was found. The high dependence of the EU on the import of energy resources is a significant problem, and the energy security factor is also important for investors in the EU. Conclusions: energy factors do not have a significant impact on the development of EU GDP at the current stage, and the quality use of energy resources is more important than their consumption, which emphasizes the importance of efficient use of resources for the further development of the EU economy.