GDP per capita in selected EU countries: Economic growth factors and spatio-temporal interactions examined at the NUTS2 level

Abstract

This article evaluates the macroeconomic policy tools at which central authorities may focus in times of economic slowdown and/or to boost economic cohesion. For this purpose, a complex spatio-temporal regression model is provided, which controls for spatial and temporal dependencies in data, as well as individual effects and relevant regional macroeconomic conditions. Empirical findings firmly favors GDP-boosting policy actions oriented towards supporting knowledge-based economic activities: enhancing research and development, improving labor force structure towards specialized professional, scientific and technical activities. In contrast, transportation infrastructure (proxied by motorway density) does not enact statistically significant improvement in GDP growth. In this article, regional macroeconomic growth dynamics and its key constituent factors are analyzed using the sample of 11 EU member states ), observed annually (from 2010 to 2016) at the NUTS2 level. Substantial effort is directed towards verification of model robustness and the corresponding validity of the conclusions drawn.

An Analysis of Intellecutal Potential and its Impact on the Social and Economic Development of European Countries

“…It is therefore possible to obtain a comprehensive multiple-criteria assessment of the development of human capital factors and regional differences using Hellwig's method of taxonomic measurement of development in a constant pattern (Balcerzak, 2016). By analysing the impact of sectoral employment differences and accumulated capital at different levels (Formánek, 2019), it is also possible to acquire an understanding of the impact of factors affecting intellectual potential, including educational influences, on the macroeconomic performance indicator GDP per capita (Androniceanu et al, 2019). Mendy & Widodo (2018) also exemplify such possibilities in their study into the impact of different levels of education population.…”

Interdisciplinary Linkages among Sustainability Dimensions in the Context of European Cities and Regions Research

“…The first indicator in our sustainability assessment for European cities and regions is GDP per capita, which is driven by a range of factors, according to Formanek (2019) [59], Bosker (2009) [60] and Österholm (2004) [61]. The positive factors include research and development (R&D) expenditure as a share of GDP, which positively stimulates innovation; foreign direct investment (FDI) inflows in relation to GDP, which trigger economic development; the share of the population aged 25-64 with tertiary education achievement, which creates the foundation for a vibrant economy; the ratio of the economically active female population, which stimulates diversity and resilience for sustainability; the number of hours worked per person per year.…”

Performance and stability of the sectors in the food industry of Czech Republic

“…The authors are also aware of other major influences, including culture and personal values (see Kaasa, 2019), the importance of the accounting information system, which represents institutional modernisation in agriculture companies (see Muhammad et al, 2019), macroeconomic trends mentioned in Formánek (2019) and Maciejewski and Wach (2019), changes in demand, etc. However, with respect to the scope of the article, availability of data and the explanatory power of the results of the statistical analysis, it was not possible to take all factors into account.…”