Electricity consumption oil price and economic growth global perspective
Moreover, the results confirm that countries using non-renewable sources for electricity generating, such as through coal and oil, the electricity consumption of these countries exhibit a negative relationship with the economic growth. Furthermore, the finding varies across income, OECD and regional, renewable energy consumption level. In Japan, oil price is the cause of fixed capital investments, economic growth is the cause of oil price and electricity consumption is the cause of oil price. View Show abstract The economic growth of developing countries with industrial infrastructure has a more significant association with electricity consumption than oil prices. We use oil prices and electricity consumption jointly to study highly predictive observations for economic growth. The data are categorized by income, OECD and regional levels.