7:46 @ Os @t slideshare.net/ app. 6. CONCLUSIONS Economic growth is important for human well being and also for the environment as growing income often improves environmental performance of the country. However, more detailed and comprehensive analysis with consideration of environmental factors should be undertaken to investigate whether economic growth is really accompanied with improving ‘environmental performance or on contrary leads to significant ecological cost of development ‘The results should be treated as preliminary and the findings as tentative because not all clements of natural capital depleted and not all negative effects of economic activities on € 210f26 >Pah el eB) arent hatural environment were taken into account. More reliable statistical information and more wide approach for inclusion of other elements of natural capital and negative environmental impact of economic development is needed. Areas of further work include consideration of depletion of forest and fishing resources, water pollution, land degradation, air pollution due to metallurgical plants operation, households’ environmental protection expenditures, administrative expenditures aimed at environment protection, etc. However, even the preliminary estimation of environmental costs of economic growth is very useful for recognizing the current role of natural capital in economic growth and for ‘guiding the transition from extensive economic development pattem to economic growth due to increased efficiency of natural resource consumption, environmental-economi We can conclude that taking into account the diversity of methodological approaches and substanive role of scientific hypotheses the “Green GDP" cannot yet be directly emered imo the system of national acouns, However, the “Green GDP" concep! can become a useful toot to assess the environmental and economic policy inthe short and long terms, since comparison of environmentally adjusted macroeconomic data and data on final consumption and gross fixed capital formation paves the way for balanced decision making with respect to the sustainability of economic development or conversely for excessive curren consumption a the expense of natural rewoures stocks reduction. Even in the abuece of clear and consistent methodology for calculating of the “Green GDP" this concept is based on clear theoretical approaches and is a useful too! not only to demonstrate the effects of economic activities impact on the environment, bt also to determine the actual volumes and rates of operation of the national economy. And to enhance the development of the “green” economy in the world < 220f26 >7:48 @ an) the consideration ofthe environmental parameters inthe system of macroeconomic indicators shoukl become mandatory and should be a component of a balanced socio-economic and politcal decision making process, enhancing its integration with environmental policy. REFERENCES, M. (2007), “From natural resources and environmental accounting 10 gical Economics 61: 600-610. For Sustainable DyfPlopmen’. Fordham Enviromersal Law Heme Vol. 8, tse 1: 126— 132 Evlich P. R. (2008), “Key issues for ate from ecological economists, Envizorment and Development Economics 13:1 = 20, Eny D.C. Porter M. E. (2008), fon environmen performance: an empirical analysis of pli re f 0: 391 434, of Conclusions and levised version [Electronic reso 1 Access mode: uun.org/unsd/en accounting /ceca/archiv Eurostat Subwoil_ Assets Task ick JM. (1977), “Intergeners Equity and the Investing of Rents from ibke Resources’, The Ameri University of Mouth Wales {Electronic el J Acces mode: Inup:fww w.oecd.orpAlataoec/l 2/48/2500 16 pal Liu J., Diamond J. (2008), ‘Revoluti F Environmental Protection’, Science 319:37- 38.