Analysis of the EU Energy Consumption Dynamics and its Impact on
the Enterprise Economic Security
OLENA KHADZHYNOVA
Sustainable Innovations Laboratory,
Mykolas Romeris University,
Ateities g. 20, 08303, Vilnius,
ORCID ID: https://orcid.org/0000-0002-7750-9791
LITHUANIA
ŽANETA SIMANAVIČIENĖ
Business Innovation Laboratory,
Mykolas Romeris University,
Ateities g. 20, 08303, Vilnius,
ORCID ID: hhttps://orcid.org/0000-0001-5689-4355
LITHUANIA
DMYTRO ZHERLITSYN
Institute of Entrepreneurship,
University of National and World Economy,
1700 Sofia, Student District, No.19 December 8th st.,
ORCID ID: https://orcid.org/0000-0002-2331-8690
BULGARIA
OLEKSIY MINTS
Department of Finance and Banking,
Educational Research Institute of Economics and Management,
SHEI «Pryazovskyi State Technical University»,
D. Yavornytskyi av. 19, 49005, Dnipro,
ORCID ID: https://orcid.org/0000-0002-8032-005X
UKRAINE
YURIY NAMIASENKO
National University of Life and Environmental Sciences of Ukraine,
Heroiv Oborony Str.15, building 3, of. 207, 03041, Kyiv,
ORCID ID: https://orcid.org/0000-0002-1999-5648
UKRAINE
Abstract: - Economic security of the EU energy is an urgent problem for all countries. The energy policy of the
EU aims to diversify energy resources and achieve energy independence. However, after 2022, this issue has
become more pressing. The paper also examines the dynamics of energy consumption by various countries and
sectors of the economy and evaluates the impact of changes in the energy sector structure on the economic
security of enterprises. The paper offers suggestions for improving the EU energy policy to ensure enterprise
economic security. The paper also considers the dynamics of energy consumption by various sectors of the
economy and assesses the impact of changes in the energy sector structure on the economic security of
enterprises.
Key-Words: - energy consumption, energy resources, energy efficiency, enterprise economic security, data
visualization methods, correlation, regression models.
Received: September 25, 2022. Revised: January 26, 2023. Accepted: February 28, 2023. Published: March 27, 2023.
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1 Introduction
The issue of energy consumption and energy
independence in the EU has become increasingly
pressing. Unlike most countries around the world,
which see economic growth through proportional
increases in energy consumption, the EU economy
has grown due to increased energy efficiency rather
than increased energy consumption.
The authors of [12], [15], [16], present the key
aspects of economic security for the EU energy in
the context of climate change. Their articles discuss
the concept of energy security and economic issues
facing EU countries. Additionally, the problem of
natural gas consumption as a "green fuel" for
Europe is explored.
An important component of the economic
security of the EU energy consumption is the
development and implementation of renewable
energy sources, as noted in sources, [1], [9], [20].
The authors of [1], [20], consider the economic
aspects of implementing appropriate technological
solutions and evaluate the forecasts and economic
efficiency of such projects. The study presented in
[9], examines the relationship between renewable
energy, agriculture, and CO2 emissions in middle-
income countries, and provides empirical evidence
on the positive impact of renewable energy
consumption on both environmental pollution and
economic growth.
The impact of renewable energy sources, energy
consumption, economic growth, and CO2 emissions
on economic growth in the EU is investigated in
other publications, [5], [11]. The results of [5],
indicate that energy consumption and economic
growth have a positive impact on CO2 emissions,
and as a result, energy conservation policies are
essential for sustainable economic growth in the
region. The findings of [11], suggest that renewable
energy sources have provided economic benefits,
thereby improving the energy security and economic
stability of the region.
Another group of authors, including [2], [6], [7],
[17], defines the economic security of the EU
energy market in terms of energy security, security
of supply, security of demand and revenue, and
other political, social, technical, and environmental
risk factors, [17]. Although there is an ambition to
address energy security aspects, the analysis is
limited to a few quantifiable factors, and several
important aspects are omitted, [6], [7]. Therefore,
energy consumption in the context of low-carbon
energy transitions is not only a technological
problem but also requires consideration of market
supply and demand aspects. Research, [2],
emphasizes the significance of maintaining a
balanced energy mix and a competitive energy
market to enhance the economic security of the
region.
Authors from the early 21st century have focused
on "green fuel" and the diversification of energy
sources for EU countries. However, the partial and
total embargo on fossil energy imports from Russia
in 2022 demonstrated an insufficient level of
economic security for the EU countries in the
energy sector.
The relationship between the EU foreign policy
and energy strategies is another aspect of economic
security, as noted in sources, [8], [10], [14], [19].
Factors exogenous to energy policy can be
significant and can either contain or generate
contestation, [19]. These aspects have become
increasingly important in 2022. The work, [10],
shows what the EU economic security needs to
improve its external energy security. The author
shows that the EU’s response to energy security
policy has been slow and primarily focused on
revising the Union’s internal mechanisms (as was
the case after the 2009 gas crisis), rather than the
creation of a common external energy policy. The
results of [14], provide a critical review of the EU's
energy policy framework, highlighting the
significance of reducing greenhouse gas emissions
and increasing the use of renewable energy sources.
The authors, [13], analyze the economic impacts
of a total embargo on fossil energy imports from
Russia to European energy makers. The analysis of
cutting energy imports from Russia for each of the
EU countries is of particular interest. Authors, [3],
consider the EU energy consumption and define the
security and defense measures as a response to the
Russian invasion of Ukraine. The results of the
crisis showed an underestimation of the aspects of
economic security in the energy sector of the EU.
2 Problem Formulation
Existing developments in the field of analysis of the
economic security of the EU energy consumption
are focused on the problem of diversification,
energy independence, and the widespread
implementation of renewable energy technology.
Therefore, further analysis and forecasting of
structural changes in the EU energy consumption
are necessary.
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The purpose of this work is to analyze the
effectiveness of the EU energy sector in the context
of economic security and changes in the structure of
energy consumption. The analytical results are
based on data visualization methods, correlation,
and regression models. We aim to broaden the
perspective on the relationship between the EU
energy efficiency and the economic security of
enterprises and identify problems and further
research needs.
Data visualization is used to analyze the EU
energy consumption structures and dynamics.
Structural plots show the proportion of energy
consumption for different EU countries and energy
sources, such as fossil fuels, nuclear energy, and
renewable energy. Linear dynamics visualized the
trends in the consumption of different energy
sources over time, [1], [8], [20].
Regression analysis is used to analyze the
relationship between the EU GDP and energy
consumption. For example, regression analysis
estimated the impact of natural gas consumption and
renewable energy consumption on economic
growth. The results of the analysis are used to
improve energy policies that promote economic
growth while minimizing the negative
environmental impact, [1], [5], [20].
3 Problem Solution
3.1 Analysis of the EU GDP and Energy
Consumption Trends
Fig. 1 shows the dynamics of the EU GDP from
1990 to 2020, which had an exponential trend with
an average annual growth rate of 3.42%. However,
during the same period, total energy consumption
remained almost at the same level. This suggests
that the EU began its technological breakthrough in
the field of energy efficiency in the early 21st
century.
In addition to the increasing level of energy
efficiency of the EU economy, significant changes
have occurred in the structure of the EU's overall
energy consumption. In 1990, the main share of
energy consumption belonged to oil and oil products
(39%), solid fossil fuels (26%), natural gas (17%),
and nuclear energy (13%). At the same time,
renewable energy sources only accounted for 5% of
the share.
At the beginning of the 1990s, the governments
of many EU countries took the first steps towards
the implementation of environmental norms for fuel
usage. These steps were motivated by concerns
about the potential negative consequences of global
warming and high levels of environmental pollution.
Fig. 1: Dynamics of total the EU energy
consumption (Petajoules, left) and dynamics of the
EU gross domestic product (billion USD, right)
Source: [authors’ estimations based on data from [4],
[18]]
There was a significant reduction in the share of
solid fossil fuel consumption from 26% to 10% due
to the successful implementation of environmental
regulations and taxes between 1990 and 2020. Fig. 2
displays the decrease in the consumption of solid
fossil fuels.
1990
2020
Fig. 2: The structure of the EU energy consumption
in 1990 and 2020
Source: [authors’ estimations based on data from [4],
[18]]
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The comparison of the energy consumption
structures for 1990 and 2020 reveals that the
reduction in the consumption of solid fossil fuels
was compensated by two factors. Firstly, there was
an increase in the consumption of natural gas, which
has fewer polluting emissions compared to coal, and
its share increased from 17% to 24%. Secondly,
there was a significant increase in the production
and consumption of renewable energy, with its share
increasing from 5% to 17%. This increase in the
consumption of renewable energy is a significant
factor in explaining the growth of energy efficiency
in the EU. However, it is worth noting that the
current production value of solar and wind energy is
still lower than that of heat and electricity.
Unfortunately, the EU countries have been
unable to implement their plans to reduce the use of
nuclear power plants. The share of nuclear power in
total energy consumption has remained at 13% in
2020. A similar situation can be observed with the
consumption of oil and oil products, which
decreased from 39% in 1990 to 34% in 2020 over
30 years.
The analysis of oil and oil products consumption
shows that it remained relatively stable from 1990 to
2008 (as shown in Fig. 3). The only significant
negative impact on oil consumption was the global
economic crisis of 2008-2009 and the COVID-19
pandemic. Therefore, the decrease in the
consumption of oil and oil products in the EU is
primarily related to global economic recessions
rather than an increase in norms and taxes on the use
of internal combustion engines.
Fig. 3: Dynamics of oil consumption in the EU
(Petajoules, left) and dynamics of the EU gross
domestic product (billion USD, right)
Source: [authors’ estimations based on data from [4],
[18]]
The analysis of the dynamics of solid fossil fuel
consumption (Fig. 4) shows that the process of
reducing its use had a consistently negative trend,
which began in 1990 and has continued until now.
This reflects the EU's commitment to implementing
sustainable development plans by producing fewer
polluting emissions while maintaining economic
growth.
Fig. 4: Dynamics of consumption of solid fossil
fuels in the EU (Petajoules, left) and dynamics of
the EU gross domestic product (billion USD, right)
Source: [authors’ estimations based on data from [4],
[18]]
Like the consumption of oil, the consumption of
solid fossil fuels in the EU was significantly
affected by the global economic crisis of 2008 and
2019. In general, the consumption of solid fossil
fuels in the EU has decreased by 63% over 30 years.
As mentioned earlier, the decrease in the
consumption of solid fossil fuels in the EU was
compensated by the increase in the consumption of
natural gas and renewable energy. Until 2008, the
consumption of natural gas in the EU had a linear
upward trend, but after the global economic crisis of
that year, the consumption of natural gas decreased
somewhat, which had a negative impact on the
average value of the linear trend (Fig.5).
Fig. 5: Dynamics of natural gas consumption in the
EU (Petajoules) and dynamics of renewable energy
consumption (Petajoules)
Source: [authors’ estimations based on data from [4],
[18]]
If we examine energy consumption in the EU by
country (as shown in Fig. 6), we can observe that
Germany, France, Italy, Poland, Spain, and the
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Netherlands have been the largest energy consumers
since the early 1990s. All other EU countries have
an energy consumption level of fewer than 50
million tons of oil equivalent. The significant
volumes of energy consumption in Germany,
France, and Italy can be attributed to their large
populations and significant levels of industrial
development, particularly in the chemical industry,
metallurgy, and machinery manufacturing.
Additionally, it is noteworthy that most of the EU
countries have experienced a reduction in energy
consumption over the past 30 years. This reduction
can be attributed to the increased level of energy
efficiency, which has been stimulated by
technological development and a consistent increase
in ecological taxation requirements.
Fig. 6: Volumes of energy consumption in 1991 and
2021 by the EU member countries
Source: [authors’ estimations based on data from [4],
[18]]
The following Fig. 7 displays the volumes of
energy consumption and nominal gross domestic
product (GDP) for the EU countries in 2021,
supporting the hypothesis that energy consumption
is proportional to a country's economy. However,
energy efficiency varies across EU countries. For
instance, Ireland has the same level of energy
consumption as Croatia and Denmark but shows a
significantly higher level of nominal GDP.
Similarly, the Netherlands and Poland have vastly
different levels of energy consumption despite
having similar levels of nominal GDP.
Fig. 7: Volumes of energy consumption and gross
domestic product by the EU member countries in
2021
Source: [authors’ estimations based on data from [4],
[18]]
Looking more closely at the issue of energy
independence and efficiency among the EU
countries (Fig.8), it can be observed that the size of
the economy and the overall level of energy
consumption does not necessarily influence the level
of energy independence. For example, Malta and
Estonia, despite having similar levels of GDP and
energy consumption, demonstrate vastly different
levels of energy independence. The ratio of
imported energy resources to total energy
consumption in Malta is 97%, while for Estonia, the
share of imported energy resources is only 1% of
the total energy consumption.
Fig. 8: Volumes of energy independence and
efficiency by the EU member countries in 2021
Source: [authors’ estimations based on data from [4],
[18]]
Given that 65% of the total energy consumption
of the EU is accounted for by 5 countries, it can be
said that the average level of energy dependence in
the EU is 58%. In 2021, the ratio of imported energy
resources to total energy consumption for Germany
was 64%, France 44%, Italy 74%, Spain 69%, and
Poland 40%.
One of the main indicators of a country's energy
efficiency level is the efficiency coefficient of
transforming traditional energy resources into
ready-to-use fuel. The average value of this
indicator among the EU countries is 77%, with the
lowest value being in Cyprus (44%) and the highest
in Denmark.
According to Eurostat methodology, final energy
consumption in the EU is divided into three main
categories, [4]: industrial energy consumption,
transport energy consumption, and energy
consumption in other sectors of the economy. As
can be seen from the presented Fig. 9, there have
been no significant changes among all three
categories of energy consumers from 1991 to 2021.
Of course, there has been a slight decrease in energy
consumption in industry, with an average annual
decrease of 1.8 million tons of oil equivalent, while
there has been a gradual increase in energy
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consumption in the transport sector of the economy
with an average annual increase of 1.7 million tons
of oil equivalent.
Fig. 9: Dynamics of energy consumption by main
sectors of the EU economy, from 1990 to 2021.
Source: [authors’ estimations based on data from [4],
[18]]
The most diversified energy-consuming sector in
the economies of the EU countries is the industrial
sector. As shown in Fig. 10, the largest energy
consumers in 2021 were the chemical and fuel
industry, non-metallic mineral production, paper
production and printing, metallurgy, the automotive
industry, and the food industry. Together, these
types of industries make up 70% of the total
industrial sector of the economy.
Comparing the indicators for 2021 and 1991, it
should be noted that there has been a decrease in
energy consumption by the metallurgical sector and
other types of industrial sectors, while there has
been an increase in energy consumption by the food
and paper industries, according to Fig. 10.
Fig. 10: The structure of energy consumption of the
EU Industry according to the Eurostat methodology
in 1991 and 2021
Source: [authors’ estimations based on data from [4],
[18]]
Unfortunately, some Eastern EU countries have
long held the opinion that it is acceptable to conduct
economic relations with Russia, which has acted as
a reliable supplier of natural gas. However, 2022
marked the beginning of a hybrid economic war
between Russia and the EU, during which the
probability of a complete cessation of natural gas
supplies from Russia to the EU has increased
significantly.
3.2 Regression Analysis of the Natural Gas
and Renewable Energy Consumption
The increase in production and consumption of
renewable energy has been of particular interest, and
it follows a linear trend, with the explained variance
of its dynamics being 95%. Renewable energy, like
natural gas, is used to generate electricity, providing
a complete substitute for coal-fired power plants.
From 1990 to 2020, the consumption of renewable
energy in the EU grew by almost 200%.
Consider the regression dependence of
renewable energy consumption (y) and solid fossil
fuel consumption (x1), among which solid fossil
fuel is the dependent variable (Table 1). The
coefficient of determination of the linear regression
model is 82%, and the coefficients of the model are
significant at the level of less than 0.0001.
According to the obtained results, it can be stated
that with an increase in the consumption of
renewable energy by 1, the reduction in the
consumption of solid fossil fuels decreases by 0.82.
Table 1. Regression dependence of the consumption
of solid fossil fuels in the EU on the consumption of
renewable energy in the EU
N
Regression
model
R2
S
T0
T1
p0
p1
31
y = 16054 -
0.82x1
0,82
924
35
11
1.8E-25
3.6E-12
Source: [authors’ estimations based on data from [4],
[18]]
y – Consumption of solid fossil fuels in the EU
х1 – Consumption of renewables in the EU
The analysis of the correlation between the gross
domestic product of the EU and the consumption of
certain types of fuel is presented in Table 2.
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Table 2. Correlation table of consumption of the
main types of EU energy resources and the EU
gross domestic product
Source: [authors’ estimations based on data from [4],
[18]]
The data presented in Table 2 shows that the
consumption of natural gas and renewable energy
has a positive correlation with the gross domestic
product, at 70% and 90%, respectively. On the other
hand, the consumption of solid fossil fuels has a
negative correlation with GDP, but this is primarily
due to targeted actions by the EU governments to
reduce polluting emissions, so interpreting this
indicator as having a negative marginal impact on
GDP growth is incorrect. The correlation coefficient
between GDP and solid fossil fuel consumption,
which is -90%, supports the idea of substitution of
solid fossil fuels with renewable energy.
Quantifying the impact of natural gas and
renewable energy consumption on the EU gross
domestic product, we obtain a regression model
with a coefficient of determination of 88%
(Table 3).
Table 3. Regression dependence of the GDP of the
EU on the consumption of natural gas and
renewable energy
N
Regression
model
R2
S
T0
T1
T2
p0
p2
p1
31
y = -5158 +
0.75x1+
1.18x2
0.88
1305
2.4
4.18
9.97
0.02
2E-
4
1E-
10
Source: [authors’ estimations based on data from [4],
[18]]
y – GDP of the EU
х1 – consumption of natural gas in the EU
х2 – consumption of renewable energy in the EU
The adequacy of the marginal coefficients exists
at a significant level of less than 0.001. Thus, an
increase in natural gas consumption by 1 Petajoule
causes an increase in GDP by USD 0.75 billion, and
with an increase in the consumption of renewable
energy by 1 Petajoule, the increase in GDP by USD
1.18 billion. Therefore, the marginal impact of
renewable energy on increasing GDP is greater than
the consumption of natural gas by USD 0.43 billion.
To assess the impact of changes in the energy
sector structure on the economic security of
enterprises, the dynamics of energy consumption by
various sectors of the economy should be
considered (Fig. 11).
Fig. 11: Dynamics of energy use by the groups of
consumption, comparing with 1990
Source: [authors’ estimations based on data from [4],
[18]]
Fig. 11 data shows that industry is the only sector
of the economy where energy consumption
decreased throughout the analyzed period. From
1990 to 2010, the industry sector of the EU
countries consumed 79% of energy, and this
decreased to 77% in 2021. In contrast, the other
sectors demonstrated a steady increase in energy
consumption until 2006-2010, after which it
decreased due to improvements in energy
efficiency.
The global changes in the energy consumption of
the industrial sector in the EU countries began much
earlier and can be traced back to the early 1990s.
Changes in energy consumption, detailed by
industries, are shown in Fig. 12.
Fig. 12: Dynamics of energy consumption by the
groups of industries, comparing with 1990
Source: [authors’ estimations based on data from [4],
[18]]
Solid fossil
fuels
Natural gas Oil Renewables Nuclear GDP
Solid fossil fuels 1,0
Natural gas -0,6 1,0
Oil 0,5 0,2 1,0
Renewables -0,9 0,5 -0,7 1,0
Nuclear 0,2 0,6 0,8 -0,3 1,0
GDP -0,8 0,7 -0,5 0,9 -0,1 1,0
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
1990 1990 to 2000 1990 to 2010 1990 to 2021
Final consumption - energy use
Final consumption - industry
sector - energy use
Final consumption - transport
sector - energy use
Final consumption - other sectors
- energy use
50%
60%
70%
80%
90%
100%
110%
120%
130%
140%
1990 1990 to 2000 1990 to 2010 1990 to 2021
iron and steel
chemical and petrochemical
non-ferrous metals
non-metallic minerals
transport equipment
machinery
mining and quarrying
food, beverages and tobacco
paper, pulp and printing
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The analysis of the data presented in Fig.12
shows that in most industries, overall energy
consumption has decreased. The exceptions are the
printing, food, and transport industries. However,
even in these industries, the increase in energy
consumption has been relatively small, and in some
cases, there has been a decrease in energy
consumption compared to the levels in 2000.
The dynamics of decreased energy consumption
in the industrial sector of the EU countries, coupled
with an increase in GDP, may suggest that industrial
enterprises are becoming more energy efficient or
are closing. Further analysis of industrial production
statistics shows that in most industries, the level of
production has increased over the period from 1991
to 2021, even in energy-intensive industries such as
metal production (5% growth), motor vehicle
production (47% growth), and mining, among
others, [4].
Overall, this indicates that industrial enterprises
in the EU have been improving their energy
efficiency for a long time, which is having a positive
impact on their economic security in the face of
potential energy disruptions, such as those caused
by the current tensions with the Russian Federation.
4 Conclusion
The article provides a specific analysis of the energy
consumption and GDP trends in the EU, with a
focus on the role of natural gas and renewable
energy sources. The paper also discusses the
potential impact of the EU's energy policies on the
energy security of other countries, particularly those
that are dependent on fossil fuel exports.
Additionally, the article uses a combination of
descriptive statistics and regression analysis to
explore the relationships between energy
consumption, GDP, and other relevant factors,
providing a more rigorous and data-driven analysis.
The analysis of the EU GDP and Energy
Consumption Trends and Regression analysis of
natural gas and renewable energy consumption
produced several key findings:
Renewable energy consumption in the EU has
increased by almost 200% from 1990 to 2020
and follows a linear trend.
The negative correlation between GDP and the
consumption of solid fossil fuels confirms the
shift towards renewable energy.
An increase in natural gas consumption has a
positive impact on GDP, but the marginal
impact of renewable energy on increasing GDP
is greater than that of natural gas.
The industrial sector of the EU has been
developing towards improved energy efficiency,
which has had a positive effect on their
economic security in the face of energy
blackmail by Russia.
The transition from pipeline natural gas from
Russia to liquefied natural gas from other
countries may cause a shortage of natural gas
consumption, but this can potentially be offset
by restarting coal-fired power plants that were
previously closed as part of sustainable
economic development goals.
The possibility of a physical shortage of natural
gas supply is driving the EU to develop
renewable energy, reduce oil consumption, and
transition to electric vehicles more quickly.
There are prospects for the growth of the EU
energy security. For a long time (from 2008 to
2020), the EU purchased natural gas from the
Russian Federation at prices that were significantly
lower than the prices of liquefied natural gas,
because of which it had the opportunity to save
significant financial resources. Currently, the price
of liquefied natural gas in some regional markets is
approaching that of pipeline natural gas. The
positive price difference between liquefied natural
gas and piped natural gas in the past period can now
be invested in the construction of liquefied natural
gas receiving terminals.
The transition period of the EU's complete
transition from pipeline natural gas of the Russian
Federation to liquefied natural gas from other
countries may be accompanied by a shortage of
natural gas consumption, however, the negative
consequences of such a transition may be
compensated by the start-up of those coal-fired
power plants that were purposefully closed for 30
years as part of achieving the goals of sustainable
economic development.
In addition, the possibility of a physical shortage
of natural gas supply forces the EU countries to
develop renewable energy more quickly to reduce
oil consumption and switch to the use of electric
vehicles.
The industrial enterprises of the EU countries
have been developing for a long time in the
direction of improving energy efficiency. At
present, this has a positive effect on their economic
security in the face of energy blackmail by the
Russian Federation.
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Overall, the EU's progress in improving energy
efficiency, transitioning to renewable energy, and
increasing the use of liquefied natural gas can help
increase energy security and reduce dependence on
natural gas supplied by the Russian Federation.
However, more action is needed to address the
challenges and ensure a sustainable and secure
energy future for the EU.
There are key potential directions for further
research on the topic: exploring the potential of
alternative sources of energy for the EU, such as
hydrogen, and other forms of renewable energy, and
assessing their economic and environmental
feasibility; investigating the impact of energy
efficiency policies on the EU's industrial sector and
identifying best practices for promoting energy
efficiency in this sector; analyzing the role of
international trade and global energy markets in the
EU's energy security and assessing potential risks
and opportunities associated with these factors;
examining the impact of the EU's energy policies on
the energy security of other countries, particularly
those that are dependent on the export of fossil
fuels; assessing the potential risks and benefits of
increased use of liquefied natural gas in the EU and
reducing the environmental impacts of this energy
source.
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Contribution of Individual Authors to the
Creation of a Scientific Article (Ghostwriting
Policy)
-Olena Khadzhynova has formulated research goals
and aims.
-Žaneta Simanaviciene has designed the
methodology.
-Dmytro Zherlitsyn carried out the econometrics
modelling and implemented them on statistical data.
-Oleksiy Mints has synthesized study data.
Yuriy Namiasenko was responsible for the statistics.
Sources of Funding for Research Presented in a
Scientific Article or Scientific Article Itself
This research is/was funded by the European Social
Fund under the No 09.3.3-LMT-K-712-23-0211
“Transformation of the economic security system of
enterprises in the process of digitalization” measure.
Conflict of Interest
The authors have no conflict of interest to declare
that is relevant to the content of this article.
Creative Commons Attribution License 4.0
(Attribution 4.0 International, CC BY 4.0)
This article is published under the terms of the
Creative Commons Attribution License 4.0
https://creativecommons.org/licenses/by/4.0/deed.en
_US
WSEAS TRANSACTIONS on ENVIRONMENT and DEVELOPMENT
DOI: 10.37394/232015.2023.19.25
Olena Khadzhynova, Žaneta Simanavičienė,
Dmytro Zherlitsyn, Oleksiy Mints, Yuriy Namiasenko
E-ISSN: 2224-3496
299
Volume 19, 2023
