GDP Alternatives and their Correlations

In our study we wanted to find an answer to the question whether we can find sustainable countries if we compare the values of different composite indicators? The target of our study is to examine the possibilities as well as the limits of the application alternative composite indicators. Our study focuses on what kind of relations the indicators are in and to what extent they can substitute the GDP and what kind of morals can be indicated for Hungary. The basic question of our research is how possible is to group countries clearly based on the values of alternative indicators. In this study were examined three composite indicators (HDI, HPI, EPI) and the ecological footprint and GDP trends. In the first phase of our research we revealed that these indicators can be observed in pairs to linear relationship, the Pearson’s correlation index values are shown in the correlation matrix. Based on our analysis two indicators independent of each other and also independent of the GDP, these are the HPI and the EPI. The classification of countries was performed using cluster analysis. Based on the three-cluster model is determined a specific path of development in Latin America and useful experience for Hungary. 1 “This research was supported by the European Union and the State of Hungary, co-financed by the European Social Fund in the framework of TAMOP 4.2.4. A/1-11-1-2012-0001 ‘National Excellence Program’.”