Conditions of agriculture compared to economic growth in selected countries

Abstract

Purpose: In the past years, agriculture has been undergoing large transformations. It has become more modern, but its share in the GDP growth has been diminishing. The question of the connection between the condition on the agriculture market and the general economic condition seems fundamental. Design/Methodology/Approach: Based on the added value of agriculture and the Gross Domestic Product in 1992-2017 in the United States, Great Britain, France, and Poland, the connection was determined between these variables. Correlative and cointegration research was carried out. Findings: Based on the research results, conclusions may be drawn about a poorer and less stable increase in agriculture in Europe as compared to the United States. Practical Implications: Grounds for the statement were found that disturbances in agriculture may have a negative impact on the entire economy. This is particularly evident in Europe. Hence, it is recommended to examine the current policy of the EU. Originality/value: Research shows how important the implications of a single branch of the economy are for the entire economy. Moreover, it provides grounds for remodeling EU policy towards market deregulation following the US pattern.