FORECASTING ENERGY CONSUMPTION IN UZBEKISTAN
DOI:
https://doi.org/10.60078/2992-877X-2025-vol3-iss4-pp154-165Abstract
It is vital to establish trustworthy forecasting methodologies in order to predict and assess a country's energy consumption ahead of time. This enables economists to better track and analyze consumers' energy needs. To that purpose, this study was done to establish the Republic of Uzbekistan's long-term energy consumption forecast using data on energy consumption volume acquired between 1985 and 2023. The forecasting procedure used the econometric ARIMA model. The Box-Jenkins approach was used to determine the optimal ARIMA order. According to the findings, the ARIMA (0,1,3) model was shown to be the most accurate. Based on this model, the entire predicted results had an average percentage inaccuracy of 7.2 percent. It was discovered that ARIMA is the most effective model for making long-term strategic decisions about energy consumption.
Keywords:
ARIMA AIC BIC stationarityReferences
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