Multivariate Analysis of Macroeconomic Heterogeneity among European Union Countries in 2024

Figures & Tables

Variable	N	Mean	Std. Dev.	Min.	Lower Quartile	Median	Upper Quartile	Max.	Skewness	Kurtosis
GDP	27	103.56	39.97435	66	79	92	115	241	2.37	6.09
Unemp	27	5.81	2.173428	2.6	4.2	5.4	7.1	11.4	0.73	0.42
HICP	27	133.26	13.50343	117.09	122.3	129	145.32	166.56	0.82	−0.29
Debt	27	61.29	35.20929	−1.5	38.2	55.3	81.8	153.6	0.92	0.95
Surplus	27	−2.15	3.324081	−9.3	−4.5	−2.4	−0.9	4.5	0.37	0.26

	Country	GDP	Unemp	HICP	Debt	Surplus
1	Belgium	117	5.7	131.5	24.1	−4.5
2	Bulgaria	66	4.2	137.6	43.6	−3
3	Czechia	91	2.6	151.9	31.1	−2.2
4	Denmark	128	6.2	119.1	62.5	4.5
5	Germany	115	3.4	129	23.6	−2.8
6	Estonia	79	7.6	155.1	40.9	−1.5
7	Ireland	211	4.3	119.4	154	4.3
8	Greece	70	10.1	119.3	102	1.3
9	Spain	92	11.4	123.3	113	−3.2
10	France	99	7.4	123.3	57.6	−5.8
11	Croatia	77	5	132	135	−2.4
12	Italy	98	6.5	122.3	65	−3.4
13	Cyprus	95	4.9	117.1	46.8	4.3
14	Latvia	71	6.9	145.3	38.2	−1.8
15	Lithuania	87	7.1	150.8	26.3	−1.3
16	Luxembourg	241	6.4	124.8	73.5	1
17	Hungary	77	4.5	166.6	47.4	−4.9
18	Malta	109	3.1	122.9	43.3	−3.7
19	Netherlands	135	3.7	131.9	81.8	−0.9
20	Austria	115	5.2	134.2	55.3	−4.7
21	Poland	79	2.9	148.7	94.9	−6.6
22	Portugal	82	6.5	122.2	54.8	0.7
23	Romania	79	5.4	149.9	67	−9.3
24	Slovenia	91	3.7	127.9	59.3	−0.9
25	Slovakia	75	5.3	143.2	82.1	−5.3
26	Finland	103	8.4	119.8	33.5	−4.4
27	Sweden	114	8.4	129	−1.5	−1.5

Country	Actual cluster	Predicted cluster	Probability predicted
Austria	2	4	0.88799
Croatia	1	2	0.49448

Eigenvalues of the Correlation Matrix
	Eigenvalue	Difference	Proportion	Cumulative
1	2.04676667	0.94327920	0.40940000	0.40940000
2	1.10348747	0.23541853	0.22070000	0.63010000
3	0.86806893	0.34090268	0.17360000	0.80370000
4	0.52716626	0.07265558	0.10540000	0.90910000
5	0.45451067		0.09090000	1.00000000

Eigenvalues of the Reduced Correlation Matrix: Total = 1.15941709 Average = 0.23188342
1	1.342	1.067	1.158	1.158
2	0.275	0.296	0.238	1.395
3	−0.020	0.163	−0.017	1.378
4	−0.183	0.072	−0.158	1.220
5	−0.255		−0.220	1.000

Variable	MSA	SMC	FCS
GDP	0.650	0.285	0.399
Unemp	0.390	0.122	0.205
HICP	0.633	0.364	0.493
Surplus	0.800	0.079	0.111
Debt	0.693	0.310	0.410

Indicator	Definition	Unit of measurement	Abbreviation
Gross Domestic Product per Capita	Economic Development Indicator	PPS, Purchasing Power Standard, adjusted	GDP
Unemployment Rate	Share of Unemployed in the Labor Force	Percentage of the Working Population	Unemp
Harmonized Index of Consumer Prices	Measure of Inflationary Pressures	Index (2015=100)	HICP
Public Debt	Government Fiscal Indebtedness	Percentage of GDP	Debt
Budget Balance	Government Fiscal Sustainability	Percentage of GDP	Surplus

Pearson Correlation Coefficients, N = 27 Prob > \|r\| under H0: Rho=0
	GDP	Unemp	HICP	Debt	Surplus
GDP	100,000	−0.09341	−0.39934	0.23445	0.43198
		0.6431	0.0391	0.2392	0.0244
Unemp	−0.09341	100,000	−0.27076	0.03833	0.0889
	0.6431		0.1719	0.8495	0.6592
HICP	−0.39934	−0.27076	100,000	−0.23101	−0.49355
	0.0391	0.1719		0.2463	0.0089
Debt	0.23445	0.03833	−0.23101	100,000	0.18186
	0.2392	0.8495	0.2463		0.364
Surplus	0.43198	0.0889	−0.49355	0.18186	100,000
	0.0244	0.6592	0.0089	0.364

Cluster	Members	GDP / Unemp / HICP / Surplus / Debt	Profile	Performance
Southern Europe (1)	Croatia, Finland, France, Greece, Italy, Spain	Middle / High / Middle / Middle / Middle	Countries Facing Employment Challenges	Middle
Central and Eastern Europe (2)	Austria, Bulgaria, Czechia, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia	Low / Low / High / Middle / Low	Transition Economies	Middle
Liders (3)	Ireland, Luxemburg	High / Low / Low / High / High	Stable Developed Countries	High
North-western European core (4)	Belgium, Cyprus, Denmark, Germany, Malta, Netherlands, Portugal, Slovenia, Sweden	Middle / Low / Low / Low / Middle	Countries with Fiscal Surplus	High