The Brexit process and the possible economic effects of the United Kingdom's leaving from the European Union

The result of the referendum held in 2016 for the United Kingdom to leave the European Union is a very important point for both the Uunited Kingdom and the European Union. In the study, it is aimed to determine the economic consequences for the United Kingdom, which decided to leave the European Union as a result of this process called Brexit. In the study, panel data analysis was applied by using the gross domestic product, export, real exchange rate data of EU-27 countries and the United Kingdom for the period 2000:Q1-2022:Q1. In addition, the Brexit dummy variable was included in the model to measure the effect of Brexit. As a result of the analysis, it was determined that it was appropriate to estimate the model determined by the Driscoll-Kraay estimation method. In the estimated model, it was concluded that the variables of export and real exchange rate had an increasing effect on the gross domestic product. When these variables are examined for post-Brexit, it has been determined that the real exchange rate and the increasing exports on gross domestic product are lower than the pre-Brexit period.