THE INTERACTION BETWEEN NATURAL GAS ENERGY CONSUMPTION AND ECONOMIC GROWTH IN MIDDLE EAST COUNTRIES
Öz
The study aims to investigate the interaction between economic growth and natural gas energy consumption by including gross capital formation, trade in goods and services, and total labor which are the main determining factors of GDP growth.into a multivariable model in the Middle East Countries (United Arab Emirates, Iraq, Iran, Israel, Kuwait, Saudi Arabia, Syria, Oman, Jordan). For this purpose, panel data analysis was applied with annual data covering 1980-2014 period as econometric analysis. As a result of the analysis carried out using the xtpedroni command through the stata program, it has been found that the natural gas energy consumption has a positive impact on the Middle Eastern countries’ GDP growth in the long-run. The panel Granger causality test also show that there is a bi-directional Granger causality between natural gas energy consumption and GDP growth. Using this information, energy policy implementation of policy decision makers is important in terms of increasing economic effectiveness in the Middle East countries.
Anahtar Kelimeler
Economic Growth, Natural Gas Energy Consumption, Energy, Middle East, Panel Data.
Kaynakça
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