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The phrase "economic factor" is correct and usable in written English.
You can use it when referring to an economic factor that influences a specific situation or outcome. For example, "The rising cost of living is an economic factor that has caused many people to relocate in search of better-paying jobs."
Exact(59)
Another economic factor is at work.
Then there is the economic factor.
Tourism is a primary economic factor.
Tourism is a growing economic factor.
Finally, there is the economic factor.
Tourism is an increasingly significant economic factor.
Fishing is also an important economic factor.
Tourism is now the principal economic factor.
And Europe is a significant economic factor too.
This penchant for purity is a mammoth economic factor.
Similar(1)
On Figure 10, the authors compare a composite measure of both diversities with the socio-economic factor of the neighborhood.
More suggestions(3)
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com