Classifying the EU Competitiveness Factors Using Multivariate Statistical Methods

Although the EU is one of the most developed parts of the world with high living standards, there exist huge disparities having a negative impact on the balanced development across the EU and weaken thus its competitiveness in the global context The aim of the paper is to define factors of socioeconomic development of the EU by application of factor analysis based on Country/Regional competitiveness index. The results of the analysis are factors that determine socioeconomic environment of the EU. Based on factor analysis results, it is possible to classify EU territories through cluster analysis in distinct group.