IDEAS home Printed from https://ideas.repec.org/a/bog/econbl/y2022i56p75-92.html
   My bibliography  Save this article

Energy consumption by energy type and exports of goods in Greece: a comparative analysis in relation to the euro area

Author

Listed:
  • Ioanna C. Bardakas

    (Bank of Greece)

Abstract

The rapid expansion of non-oil goods exports in Greece during the last decade contributed to raising net exports, despite the severe economic crisis the country was undergoing. Nevertheless, the EU’s overall energy consumption exhibited a downward trend that was even stronger in Greece. This study examines the dynamic relationship between exports of non-energy goods and final consumption of energy in Greece and the euro area (EA) over the last two decades, considering five separate energy types. Single equation and panel estimations are employed, making it possible to compare the results of the two approaches. It is shown that exports of goods in Greece are dependent on final consumption of oil, electricity and renewable energy (RE), while the final consumption of natural gas, oil and electricity has an effect on goods exports in the EA. The largest effect on exports of goods in Greece comes from the consumption of electricity, part of which has been produced from RE in recent years. Greece’s goods exports are found to have a higher dependence on RE consumption than the EA’s, which is related to the recent higher growth of RE consumption. Statistically significant causal relationships are found between goods exports and the traditional energy types (i.e. oil and natural gas) both in Greece and the EA. The prospects for accelerating the energy transition are not as favourable, following the emergence of the energy crisis. This negative outlook may have consequences on Greece’s improved openness and on the rising trajectory of goods exports.

Suggested Citation

  • Ioanna C. Bardakas, 2022. "Energy consumption by energy type and exports of goods in Greece: a comparative analysis in relation to the euro area," Economic Bulletin, Bank of Greece, issue 56, pages 75-92, December.
    • Handle: RePEc:bog:econbl:y:2022:i:56:p:75-92
    DOI: 10.52903/econbull20225603
    as

    Download full text from publisher

    File URL: https://doi.org/10.52903/econbull20225603
    Download Restriction: no
    File URL: https://libkey.io/10.52903/econbull20225603?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Aikaterini Chaireti, 2015. "The Greek primary sector from 1995 to 2014," Economic Bulletin, Bank of Greece, issue 42, pages 43-104, December.
    2. Yuan, Jia-Hai & Kang, Jian-Gang & Zhao, Chang-Hong & Hu, Zhao-Guang, 2008. "Energy consumption and economic growth: Evidence from China at both aggregated and disaggregated levels," Energy Economics, Elsevier, vol. 30(6), pages 3077-3094, November.
    3. Panagiota Tzamourani, 2013. "The Household Finance Survey: description of the 2009 survey and main results on households’ income, wealth and debt in Greece," Economic Bulletin, Bank of Greece, issue 38, pages 85-101, November.
    4. repec:bog:econbl:y:2016:i:43:p:31-53 is not listed on IDEAS
    5. Theodoros S. Papaspyrou, 2004. "EMU strategies for new Member States: the role of Exchange Rate Mechanism II," Economic Bulletin, Bank of Greece, issue 23, pages 7-25, July.
    6. Ozturk, Ilhan, 2010. "A literature survey on energy-growth nexus," Energy Policy, Elsevier, vol. 38(1), pages 340-349, January.
    7. Daphne Nicolitsas, 2005. "Per capita income, productivity and labour market participation: recent developments in Greece," Economic Bulletin, Bank of Greece, issue 25, pages 37-60, August.
    8. repec:bog:econbl:y:2015:i:42:p:7-19 is not listed on IDEAS
    9. Zacharias Bragoudakis & Stelios Panagiotou, 2010. "Determinants of the receipts from shipping services: the case of Greece," Economic Bulletin, Bank of Greece, issue 34, pages 41-55, September.
    10. Evangelos Charalambakis, 2021. "Stock price reactions to the first wave of the COVID-19 pandemic: evidence from Greece," Economic Bulletin, Bank of Greece, issue 53, pages 69-82, July.
    11. Sofia Lazaretou, 2015. "How can the use of historical macroeconomic data series support economic analysis and policy-making? The new Greek macro history database 1833-1949 as part of the large database of Southeastern Europe," Economic Bulletin, Bank of Greece, issue 41, pages 71-101, July.
    12. Costas N. Kanellopoulos, 2014. "The private sector Greek labour market during the crisis," Economic Bulletin, Bank of Greece, issue 39, pages 21-36, July.
    13. Petros M. Migiakis, 2012. "Reviewing the proposals for common bond issuances by the euro-area sovereign under a long-term perspective," Economic Bulletin, Bank of Greece, issue 37, pages 43-54, December.
    14. Sofia Anyfantaki & Yannis Caloghirou & Konstantinos Dellis & Aikaterini Karadimitropoulou & Filippos Petroulakis, 2022. "Skills, management practices and technology adoption in Greek manufacturing firms," Economic Bulletin, Bank of Greece, issue 55, pages 7-42, July.
    15. Eleni Argiri & Ifigeneia Skotida, 2021. "The 2021 review of the monetary policy strategy of the Eurosystem: an economy of forces," Economic Bulletin, Bank of Greece, issue 54, pages 23-57, December.
    16. Theodore M. Mitrakos & Nicholas G. Zonzilos, 2006. "The impact of exogenous shocks on the dynamics and persistence of inflation: a macroeconomic model-based approach for Greece," Economic Bulletin, Bank of Greece, issue 26, pages 37-57, January.
    17. Faidon Kalfaoglou, 2021. "ESG risks: a new source of risks for the banking sector," Economic Bulletin, Bank of Greece, issue 53, pages 83-112, July.
    18. repec:bog:econbl:y:2015:i:42:p:43-104 is not listed on IDEAS
    19. Evangelia Kasimati & Dimitrios Sideris, 2015. "Towards a new growth model for tourism: structural reforms and the tourism product in Greece during the crisis (2008-2014)," Economic Bulletin, Bank of Greece, issue 42, pages 7-19, December.
    20. Sophia Lazaretou, 2014. "The smart economy: cultural and creative industries in Greece. Can they be a way out of the crisis? (in Greek)," Working Papers 175, Bank of Greece.
    21. Sofia Anyfantaki, 2016. "The evolution of financial technology (FinTech)," Economic Bulletin, Bank of Greece, issue 44, pages 47-62, December.
    22. Styliani Belli & Constantina Backinezos, 2016. "The transition to the new methodology for the compilation of balance of payments statistics – BPM6," Economic Bulletin, Bank of Greece, issue 43, pages 19-29, July.
    23. Sofia Anyfantaki & Hiona Balfoussia & Dimitra Dimitropoulou & Heather Gibson & Dimitris Papageorgiou & Filippos Petroulakis & Anastasia Theofilakou & Melina Vasardani, 2020. "COVID-19 and other pandemics: a literature review for economists," Economic Bulletin, Bank of Greece, issue 51, pages 1-36, July.
    24. Daphne Nicolitsas, 2006. "Female labour force participation in Greece: developments and determining factors," Economic Bulletin, Bank of Greece, issue 26, pages 7-35, January.
    25. Saikkonen, Pentti, 1991. "Asymptotically Efficient Estimation of Cointegration Regressions," Econometric Theory, Cambridge University Press, vol. 7(1), pages 1-21, March.
    26. Zacharias Bragoudakis & Dimitrios Sideris, 2012. "Do retail gasoline prices adjust symmetrically to crude oil price changes? the case of the Greek oil market," Economic Bulletin, Bank of Greece, issue 37, pages 7-21, December.
    27. Evangelos Charalambakis, 2017. "How did the Greek financial crisis impact on households? A comparison between the two waves of the HFCS," Economic Bulletin, Bank of Greece, issue 45, pages 31-45, July.
    28. Ozturk, Ilhan & Acaravci, Ali, 2011. "Electricity consumption and real GDP causality nexus: Evidence from ARDL bounds testing approach for 11 MENA countries," Applied Energy, Elsevier, vol. 88(8), pages 2885-2892, August.
    29. George S. Tavlas, 2022. "Milton Friedman and the road to monetarism: a review essay," Working Papers 307, Bank of Greece.
    30. George T. Simigiannis & Panagiota G. Tzamourani, 2007. "Borrowing and socio-economic characteristics of households: results of sample surveys carried out by the Bank of Greece," Economic Bulletin, Bank of Greece, issue 28, pages 31-50, February.
    31. Najia Saqib, 2021. "Energy Consumption and Economic Growth: Empirical Evidence from MENA Region," International Journal of Energy Economics and Policy, Econjournals, vol. 11(6), pages 191-197.
    32. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-618, Nov.-Dec..
    33. Payne, James E., 2010. "A survey of the electricity consumption-growth literature," Applied Energy, Elsevier, vol. 87(3), pages 723-731, March.
    34. Evangelos Th. Pantelidis & Georgios A. Kouvatseas, 2006. "Frontier Survey on Travel Expenditure: methodology, presentation and output assessment (2003-2005)," Economic Bulletin, Bank of Greece, issue 27, pages 63-106, July.
    35. repec:bla:obuest:v:61:y:1999:i:0:p:653-70 is not listed on IDEAS
    36. Daphne Nicolitsas, 2007. "Youth participation in the Greek labour market: developments and obstacles," Economic Bulletin, Bank of Greece, issue 29, pages 37-88, October.
    37. Zacharias Bragoudakis, 2014. "An empirical investigation of the relationship between unit labour cost and price developments: the case of Greece," Economic Bulletin, Bank of Greece, issue 40, pages 31-58, December.
    38. Levin, Andrew & Lin, Chien-Fu & James Chu, Chia-Shang, 2002. "Unit root tests in panel data: asymptotic and finite-sample properties," Journal of Econometrics, Elsevier, vol. 108(1), pages 1-24, May.
    39. Balfoussia Hiona, 2008. "Stock market integration-the athens exchange in the european financial market," Economic Bulletin, Bank of Greece, issue 30, pages 29-55, May.
    40. Sophia Lazaretou, 2016. "The Greek brain drain: the new pattern of Greek emigration during the recent crisis," Economic Bulletin, Bank of Greece, issue 43, pages 31-53, July.
    41. Faidon Kalfaoglou, 2016. "Bank recapitalisation: a necessary but not sufficient condition for resuming lending," Economic Bulletin, Bank of Greece, issue 43, pages 55-75, July.
    42. Badi H. Baltagi & Chihwa Kao, 2000. "Nonstationary Panels, Cointegration in Panels and Dynamic Panels: A Survey," Center for Policy Research Working Papers 16, Center for Policy Research, Maxwell School, Syracuse University.
    43. Lee, Chien-Chiang, 2006. "The causality relationship between energy consumption and GDP in G-11 countries revisited," Energy Policy, Elsevier, vol. 34(9), pages 1086-1093, June.
    44. Sophia Lazaretou, 2014. "The smart economy: cultural and creative industries in Greece: can they be a way out of the crisis?," Economic Bulletin, Bank of Greece, issue 39, pages 73-103, July.
    45. repec:bog:econbl:y:2016:i:43:p:19-29 is not listed on IDEAS
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Christos Antonopoulos & Sofia Anyfantaki & Theodora Kosma & Evangelia Papapetrou & Filippos Petroulakis & Pavlos Petroulas & Pinelopi Zioutou, 2022. "The Greek Labour market before and after the pandemic: slack tightness and skills mismatch," Economic Bulletin, Bank of Greece, issue 56, pages 45-74, December.
    2. Nikolaos Vettas & Alexandros Louka & Konstantinos Peppas & Yakinthi Pountouraki & Michael Vasileiadis, 2022. "Trends in total factor productivity in Greece and its determinants during the period 2005-2019," Economic Bulletin, Bank of Greece, issue 56, pages 7-43, December.
    3. Nikos Ventouris & Georgios Palaiodimos, 2022. "Proposals for the reform of EU fiscal rules," Economic Bulletin, Bank of Greece, issue 55, pages 67-81, July.
    4. Sofia Anyfantaki & Yannis Caloghirou & Konstantinos Dellis & Aikaterini Karadimitropoulou & Filippos Petroulakis, 2022. "Skills, management practices and technology adoption in Greek manufacturing firms," Economic Bulletin, Bank of Greece, issue 55, pages 7-42, July.
    5. Christos Catiforis, 2022. "Post-pandemic inflation: Phillips Curve, trends, drivers and lessons," Economic Bulletin, Bank of Greece, issue 55, pages 43-65, July.
    6. Theodora Kosma & Pavlos Petroulas & Evangelia Vourvachaki, 2020. "What drives wage differentials in Greece: workplaces or workers?," Economic Bulletin, Bank of Greece, issue 52, pages 69-72, December.
    7. Sofia Anyfantaki & Petros Migiakis & Katerina Paisiou, 2022. "Green finance in Europe: actors and challenges," Economic Bulletin, Bank of Greece, issue 55, pages 83-105, July.
    8. Constantina Backinezos & Stelios Panagiotou & Evangelia Vourvachaki, 2020. "Multiplier effects by sector: an input-output analysis of the Greek economy," Economic Bulletin, Bank of Greece, issue 52, pages 7-28, December.
    9. Ioannis Asimakopoulos & Athanasios P. Fassas & Dimitris Malliaropulos, 2020. "Does earnings quality matter? Evidence from the Athens Exchange," Economic Bulletin, Bank of Greece, issue 52, pages 93-112, December.
    10. Zacharias Bragoudakis, 2018. "Are the price adjustments asymmetric in basic food categories? The case of the Greek food market," Economic Bulletin, Bank of Greece, issue 47, pages 75-91, July.
    11. Nikos Vettas & Konstantinos Peppas & Sophia Stavraki & Michail Vasileiadis, 2020. "The contribution of Industry to the Greek economy: facts and prospects," Economic Bulletin, Bank of Greece, issue 52, pages 29-67, December.
    12. Melina Vasardani & Dimitra Dimitropoulou, 2018. "The utilisation of EU structural funds in Greece," Economic Bulletin, Bank of Greece, issue 47, pages 31-55, July.
    13. Ioannis Chatzivasiloglou, 2017. "The valuation of assets and liabilities of (re)insurance undertakings under solvency II," Economic Bulletin, Bank of Greece, issue 45, pages 63-90, July.
    14. Pinelopi Zioutou & Dimitris Sideris, 2018. "The energy sector: developments and prospects," Economic Bulletin, Bank of Greece, issue 47, pages 57-73, July.
    15. Hiona Balfoussia & Dimitris Papageorgiou, 2018. "Real and financial cycles in the Greek economy," Economic Bulletin, Bank of Greece, issue 47, pages 7-30, July.
    16. Heather D Gibson & Georgia Pavlou, 2017. "Exporting and performance:evidence from Greek firms," Economic Bulletin, Bank of Greece, issue 45, pages 7-30, July.
    17. Theodora Kosma & Evangelia Papapetrou & Georgia Pavlou & Christina Tsochatzi & Pinelopi Zioutou, 2017. "Labour market adjustment and labour market reforms in Greece during the crisis: findings from the third wave of the Wage Dynamics Survey," Economic Bulletin, Bank of Greece, issue 45, pages 47-62, July.
    18. Evangelos Charalambakis, 2017. "How did the Greek financial crisis impact on households? A comparison between the two waves of the HFCS," Economic Bulletin, Bank of Greece, issue 45, pages 31-45, July.
    19. Christos Papazoglou & Dimitrios Sideris & Orestis Tsagklas, 2016. "Europe as an optimum currency area: the experience of the Baltic countries," Economic Bulletin, Bank of Greece, issue 44, pages 35-46, December.
    20. Konstantina Manou & Evangelia Papapetrou, 2016. "The economic behaviour of households in Greece: recent developments and prospects," Economic Bulletin, Bank of Greece, issue 44, pages 7-33, December.

    More about this item

    Keywords

    energy consumption; exports of goods; vector error correction model; panel estimation;
    All these keywords.

    JEL classification:

    • F10 - International Economics - - Trade - - - General
    • C01 - Mathematical and Quantitative Methods - - General - - - Econometrics
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bog:econbl:y:2022:i:56:p:75-92. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anastasios Rizos (email available below). General contact details of provider: https://edirc.repec.org/data/boggvgr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.