 Levels  First Difference, ∆  
Optimal  Constant  Constant and Trend  Constant  Constant and Trend 
Lag = 1 




Ln(Agr)  −1.297  −1.668  −5.192  −5.196 
Ln(FDI)  −1.729  −1.800  −4.926  −5.941 
Ln(Growth)  −1.932  −3.041  −5.124  −4.942 
Ln(GFCF)  −0.759  −1.703  −4.120  −4.300 
 −2.129  −3.408  −5.743  −5.002 
Ln(pGDP)  −0.043  −2.069  −4.758  −5.774 
Ln(Labour)  −1.985  −2.043  −4.389  −5.899 
Ln(RER)  −2.856  −2.755  −3.381  −3.704 
Ln(Trade)  −1.752  −1.690  −2.979  −3.872 
5 Percent  −2.986  −3.603  −2.992  −3.612 