Electricity Consumption and Weather Reflect Macro-Economic Status

Electricity is closely related to economy. With the development of society and deployment of green energy, a more complex and close relationship between electricity and economy is coming into being. Electricity consumption and Gross Domestic Product (GDP) are the most intuitive indicator of electricity and macro-economy. On one hand, this paper aims to find out the relationship between electricity consumption and GDP; on the other hand, it builds GDP forecast model to replace the costly traditional economy census. Aiming at predicting economic status, 29 provincial GDP, electricity consumption and weather factors in China during 2006-2017 have been analyzed in this paper. The results indicate that although electricity consumption is bound up with local economic development, and GDP standard could be forecasted better combining with local weather factors such as average temperature. Moreover, the method not only revealed the macro-economy instantaneously with nearly no cost, but also provide a new way to assess risky signal in local economy structure.