The purpose of the paper is to use various statistical approaches to create index of sustainable development of the OECD countries. Each country strives for development. Sustainable development covers three areas of measurement; economic, social and environmental. Together they determine the development index. Reason for writing is to obtain understanding of sustainable development and selected statistical methods.
The research methodology is quantitative. The paper collects data from online available databases and use it to perform statistical analysis. Data is classified within economic, social and environmental measurement areas. Result of analysis are the indices of development, which were formed by using the Principal Components Method and Cluster Analysis.
Developed indices serve to compare the development of countries with each other. Analysis was performed with SPSS software tool. Based on obtained results we identified which indicators have the greatest and the lowest impact on countries development.
Result of the work can serve for national policy makers for directing financial and other resources to pursue the goal to achieve higher living standard. The work could also be used for further study of sustainable development, which would include even more indicators for each area of development measurement.
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