Electricity Consumption and Economic Growth in Portugal: Evidence from a Multivariate Framework Analysis
Chor Foon Tang and Eu Chye Tan
Authors registered in the RePEc Author Service: Chor Foon TANG ()
The Energy Journal, 2012, vol. Volume 33, issue Number 4
The purpose of this study is to re-visit the relationship between electricity consumption and economic growth in Portugal over the sample period of 1974 to 2008 in a multivariate framework. The results of this study indicate that the variables are cointegrated and the causal relationship between electricity consumption and economic growth in Portugal is bi-directional. Uni-directional causalities running from energy price and real income to employment are also found. Contrary to earlier studies, our results indicate that Portugal is an energy-dependent economy and energy-conservation policies could be detrimental to its economic growth and development. Therefore, renewable energy sources such as bio-fuel, solar power, hydro power, wind power, and wave power should be aggressively explored to ensure sufficient supply of energy to support the growth of the Portuguese economy in an environment-friendly manner.
JEL-codes: F0 (search for similar items in EconPapers)
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