Statistical Evaluation of the EU Countries using Economic Indicators

Abstract

The purpose of this paper is to evaluate the EU development area for the year 2012, using main statistical indicators. The cluster analysis and the Principal Component Analysis are the methods used to compare the 28 EU countries, and the EU members, with each other and to determine the resemblances and the differences between them. The results show that the optimal solution is to create three clusters, allowing a suitable differentiation between the countries, while keeping the homogeneity among the countries it comprises.