Grey Correlation Analysis Between Energy Consumption and Economic Growth and Energy Consumption Forecast Based on GM (1,1) Model
Abstract
The relationship between energy consumption and economic growth has always been an important research topic in the field of energy economy. According to the characteristics of the medium and long term energy consumption, combined with the advantages of grey system theory required for small sample, less data, and simple, firstly this paper uses grey relational analysis (GRA) method to analyze the relationship between energy consumption and economic growth of Hebei Province, the empirical analysis results show that, both of which have high positive correlation. On this basis, this paper builds a gray GM (1, 1) model to fit the test combined with the past six years’ historical data of Hebei Province energy consumption, and the result shows that the fitting effect is good. Then this paper uses the model to predict the energy consumption of Hebei Province in the next 5 years, and finally provides suggestions for energy and economic development in Hebei province.
Keywords
Energy consumption; Grey correlation analysis; GM (1, 1)
Publication Date
DOI
10.12783/dtssehs/isetem2016/4463
10.12783/dtssehs/isetem2016/4463