Modeling the impact of renewable energy consumption on economic growth in Southeastern EU Countries

This article employs a quantitative approach to analyze the impact of renewable energy consumption on economic growth in the Southeastern European Union (EU) countries (Bulgaria, Croatia, Greece, Slovenia, Slovakia, Hungary and Romania).Using panel data models, the paper examines the relationship between the economic development and renewable and non-renewable energy consumption from 2009 to 2019 based on empirical evidence from seven EU member states in the southeast.For the purpose of the research FMOLS (Fully Modified Ordinary Least Squares) techniques will be used and methods such as pool, fixed and random effects method for better investigation of the relationship.Quantitative analysis will be done using R, SPSS and EViews software programs.The research's aim is to examine how implementation of renewable energy sources and nonrenewable energy consumption affects the economic growth in the Southeastern EU nations and the possibilities for economic expansion and job creation through investments in the renewable energy industry inside the European Union using carefully selected statistics and econometric models.