In recent years, theoretical and empirical studies in the economic growth literature emphasize the role of human capital in the process of economic growth. In general, most of the empirical studies have centered on the relation between education and economic growth. In this study, the effect of health on economic growth has been tested by a panel data analysis. This study consists of annual data of 15 OECD countries for the period from 1990 to 2006. In the analyses, the share of public health expenditures in total health expenditures as well as other explanatory variables has been employed. The relationship between health expenditures and economic growth was estimated in Pooled Regression Model by the panel OLS method. As a result, we haven’t found any statistically significant relationship between health expenditures and economic growth.