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Agriculture’s Role in Economic Growth: An Exploratory Study Among Southern and Northern EU Countries

In: EU Crisis and the Role of the Periphery

Author

Listed:
  • Ioanna Apostolidou

    (Aristotle University of Thessaloniki)

  • Konstadinos Mattas

    (Aristotle University of Thessaloniki)

  • Efstratios Loizou

    (Technological Educational Institution of Western Macedonia, Terma Kontopoulou)

  • Anastasios Michailidis

    (Aristotle University of Thessaloniki)

Abstract

The role of agriculture in economic growth is an issue that still attracts the interest of scholars and particularly now when the whole growth approach is reexamined and reevaluated. The main objective of the current paper is to identify the causal relationship that exists between agricultural value added per worker and Gross Domestic Product (GDP) per capita in the European Union. The differences and similarities in relation to the role of agriculture in economic growth are examined among Southern and Northern EU countries. Recent methods of linear co-integration and the Granger causality test are used to examine short-run and long-run relationships and the role of agricultural value added in economic growth, as well as the direction of causality. The bi-directional relationship between agricultural value added and economic growth is of crucial importance since it can facilitate successful economic policies. The results provide evidence that agriculture can lead to growth in several EU countries, play stabilizer role and be an engine of growth in this period of economic crisis.

Suggested Citation

  • Ioanna Apostolidou & Konstadinos Mattas & Efstratios Loizou & Anastasios Michailidis, 2015. "Agriculture’s Role in Economic Growth: An Exploratory Study Among Southern and Northern EU Countries," Contributions to Economics, in: Anastasios Karasavvoglou & Serdar Ongan & Persefoni Polychronidou (ed.), EU Crisis and the Role of the Periphery, edition 127, pages 147-162, Springer.
    • Handle: RePEc:spr:conchp:978-3-319-10133-0_9
    DOI: 10.1007/978-3-319-10133-0_9
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    Citations

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    Cited by:

    1. Dilawar Khan & Nihal Ahmed & Bahtiyar Mehmed & Ihtisham ul Haq, 2021. "Assessing the Impact of Policy Measures in Reducing the COVID-19 Pandemic: A Case Study of South Asia," Sustainability, MDPI, vol. 13(20), pages 1-12, October.
    2. Rezgar Mohammed, 2020. "The Causality between Agriculture and Economic Growth in the Arab World," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 8(2), pages 54-67.
    3. Loizou, Efstratios & Karelakis, Christos & Galanopoulos, Konstantinos & Mattas, Konstadinos, 2019. "The role of agriculture as a development tool for a regional economy," Agricultural Systems, Elsevier, vol. 173(C), pages 482-490.

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