Variables

ADF Test

Decision

Model

ADFcalculated

ADFcritical

Probability

GDP

Intercept

−6.840049

1% level: −3.699871

5% level: −2.976263

10% level: −2.627420

0.0000***

GDP is stationary at level

FDI

Trend and Intercept

−10.37356

1% level: −4.356068

5% level: −3.595026

10% level: −3.233456

0.0000***

FDI is stationary at level

Gross capital formation

Trend and intercept

−5.536543

1% level: −4.374307

5% level: −3.603202

10% level: −3.238054

0.0007***

Gross capital formation is stationary at 1st difference

Inflation rate

Tend and Intercept

−4.272901

1% level: −4.467895

5% level: −3.644963

10% level: −3.261452

0.0148**

Inflation rate is stationary at level

Exchange rate

Tend and Intercept

−3.756473

1% level: −4.356068

5% level: −3.595026

10% level: −3.233456

0.0361**

Exchange rate is stationary at 1st difference