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ANALYSIS OF SECTORAL SHIFTS IN THE EU ECONOMIES

The paper aims to offer some empirical insights into the structural changes of the EU countries during the recent decade. In order to elaborate on the latent components or aggregated indicators of the countries’ economic structure, factor analysis in combination with regression analysis is applied. Two aggregated indicators – factors (or components) of an economic structure are extracted which describe around two thirds of the initial indicators’ variance. Factor F1 characterises the development level of the post-industrial service economy and factor F2 the environment for industry-based technological innovation. On the basis of the aggregated indicators of an economic structure three groups of the EU countries can be distinguished: West and North European welfare countries with developed service economy (Sweden, Denmark, Finland, Germany); South European countries where tourism has a strong position in the economic structure (Portugal, Greece, Spain); East and Central European countries, where production sector still maintains a relatively big share, which is gradually declining in favour of business and service sectors (the Baltic States, Poland, Hungary). The first group of countries is representing the EU-15 countries resounding the possible development ways for the EU new member states. The latter are facing the problem of how to overcome the deindustrialization phase and to move from the low value added sectors to the high value-added less harmfully. These countries should profoundly analyze the possible options in order to find the advanced tertiarization way which would be the best for their economic development.