THE INFLUENCE OF THE ECONOMIC SITUATION ON THE SOCIO-ECONOMIC DEVELOPMENT IN THE EUROPEAN UNION COUNTRIES BY MEANS OF THE MODIFIED HDI INDEX

Abstract

The aim of the research is an analysis of the influence of the economic indicators on the socio-economic development of EU countries. The synthetic measure of socio-economic development is calculated by means of the following determinants: 'Economy and Finance', 'Science and Technology', 'Health', 'Education' and 'Living Conditions'. This index of the socio-economic development of residents of the European Union countries has been created as an arithmetic mean of indicators, counted for particular determinants. The index, which has been created, is treated as a modified Human Development Index due to the fact that it is completed with the added information. The data has been collected from the Eurostat for the years 2006–2016. In the second part of the research there have been developed the models for the synthetic measure of socio-economic development in terms of particular economic indicator, used in the analysis, as well as the analysis of the relationship between the synthetic measure of socio-economic development in EU countries, and the selected economic measures: unemployment rate, GDP per capita, indicator of real expenditure per capita, and the percentage of people at risk of poverty. The results are obtained, using the Statistica 12 program.