Empirical Study on the Impact of Energy Consumption on GDP in Guangdong Province

Abstract

: Energy consumption and GDP in Guangdong are closely related. This paper uses time series data of Guangdong's GDP and energy consumption from 2002 to 2021, and applies methods such as unit root test, cointegration analysis, multicollinearity test and correction, and sequence correlation test and correction to study the impact of the consumption of various components of terminal energy on Guangdong's GDP. The results show that (1) the logarithm of coal consumption (LnX1) and the logarithm of oil consumption (LnX2) have no significant impact on the logarithm of GDP (LnGDP) at the 5% significance level; (2) the logarithm of electricity consumption (LnX3) and the logarithm of other energy consumption (LnX4) have a significant impact on the logarithm of GDP (LnGDP) at the 5% significance level, and on average, an increase of 1% in electricity consumption and other energy consumption will increase Guangdong's GDP by 0.698% and 0.507%, respectively; (3) the logarithm of coal consumption (LnX1) and the logarithm of oil consumption (LnX2) have no significant impact on the logarithm of GDP (LnGDP) in the current period at the 5% significance level, but have a significant positive impact with a lag of one year. Based on these findings, policy recommendations are proposed.