The Correlation Of Energy Utilization And Growth In Economy A Case Study On KazakhstanJournal: International Journal of Scientific & Technology Research (Vol.3, No. 12)
Publication Date: 2014-12-15
Authors : Pirmakhanov Saken;
Page : 224-229
Keywords : Index Terms economic growth; energy consumption; Unit root test; Hsiaos Granger causality test.;
Abstract This study observes an empirical correlation of energy utilization and economy increase in Kazakhstan using time fraction from 1993 to 2011. To specify utilization of electricity and the electricity that is produced from oil and gas sources correlation had been observed as well. Co-integration method and Granger causality of Hsiao were applied in order to come up with unidirectional causes of economic growth on total energy consumption. The economic growth facilitates raise in gas energy production as well. For the energy conservation policy it suggests to remove energy saving policy from gas-energy sector to oil sector as we reject any causality correlation of increase in economy and production of oil and energy. Furthermore policy makers should sustain technological innovations in electronic sectors which will increase consumption of the electricity by the population and this will finally cause economic growth.
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