Economic Growth Paths Similarities in European Union

Abstract: This study is to give an insight into the regional growth theories and explore the single growth paths of the member states of the European Union based on an extraction statistical methodological analysis. According to the judgment that the European Community (28 states, since 2013) does not follow a single growth pattern, based on their history and actual economic relationships, different national economies form economic blocs and these blocs follow diverse growth patterns within the Union. At the first step we tried to discover the mainstream of modern economic growth theories, and found some relationship between these theories and the empirical analyses. In the empirical part of this study we identified different growth paths and classified growth groups for the 28 EU member countries with a cluster analysis. At the final step we applied regression method to find some correlation between historical growth rate and current nominal GDP level