| Dependent variable | Annual growth rate in GDP per capita | |
| Sample | 10 countries (1990-2012) | |
| OLS | ||
| Regression | (1) | (2) |
| LGGDP | −3.762** | −4.448** |
| (1.667) | (1.802) | |
| INV | 0.127* | 0.132** |
| (0.065) | (0.066) | |
| LABOUR | −0.932 | −0.912 |
| (0.631) | (0.626) | |
| M2GDPt−1 | 0.016 | 0.010 |
| (0.034) | (0.033) | |
| INFLATION | −2.842*** | −2.784*** |
| (0.505) | (0.506) | |
| GOVCONS | −0.304*** | −0.303*** |
| (0.108) | (0.107) | |
| TRADE | 0.033 | 0.036* |
| (0.020) | (0.020) | |
| AID | - | −0.030 |
| - | (0.039) | |
| F-value | 10.82 | 8.93 |
| Prob > F | 0.0000 | 0.0000 |
| Root MSE | 4.3214 | 4.3237 |
| R-squared | 0.2465 | 0.2496 |