A FOURIER APPROACH ON THE RELATIONSHIP BETWEEN OIL CONSUMPTION AND ECONOMIC GROWTH IN TURKIYE

Energy is one of the fundamental elements of sustainable economic development, with energy flows and transformations exerting a decisive impact on economic activities. Particularly, oil continues to hold a strategic position in the global energy market and stands out as a significant energy source for various sectors due to its wide range of applications. This study analyzes the relationship between oil consumption and economic growth in Turkey for the period from 1971 to 2021 using the Fourier Engle-Granger cointegration test and the Fourier Enders-Jones Granger causality test. The results of the cointegration test indicate a long-term relationship between oil consumption and economic growth. The causality test results support the validity of the feedback hypothesis.