Analysis of European Union Economy in Terms of GDP Components

Simona Vinerean

Expert Journal of Economics, 2013, vol. 1, issue 1, 13-18

Abstract: The impact of the crises on national economies represented a subject of analysis and interest for a wide variety of research studies. Thus, starting from the GDP composition, the present research exhibits an analysis of the impact of European economies, at an EU level, of the events that followed the crisis of 2007 – 2008. Firstly, the research highlighted the existence of two groups of countries in 2012 in European Union, namely segments that were compiled in relation to the structure of the GDP’s components. In the second stage of the research, a factor analysis was performed on the resulted segments, that showed that the economies of cluster A are based more on personal consumption compared to the economies of cluster B, and in terms of government consumption, the situation is reversed. Thus, between the two groups of countries, a different approach regarding the role of fiscal policy in the economy can be noted, with a greater emphasis on savings in cluster B. Moreover, besides the two groups of countries resulted, Ireland and Luxembourg stood out because these two countries did not fit in either of the resulted segments and their economies are based, to a large extent, on the positive balance of the external balance.

Keywords: GDP; consumption expenditure; consumption expenditure of general government; Gross capital formation; External balance of goods and services (search for similar items in EconPapers)
JEL-codes: E21 E22 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:exp:econcs:v:1:y:2013:i:1:p:13-18

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