| Dependent variable is log of private consumption | ||||
| Country | Model 1 | Model 2 | ||
| G | GDP | G | GDP | |
| Benin | −0.109* (−3.21) | 0.929* (10.59) | −0.182*(−4.69) | 0.581* (3.00) |
| Burkina Faso | −0.197* (−5.46) | 1.250* (15.65) | −0.263* (−6.54) | 1.230* (8.59) |
| Cote d’Ivoire | 0.234* (3.51) | 0.660* (7.32) | 0.200* (3.61) | 0.449* (5.83) |
| Gambia | −0.389* (−6.02) | 1.556* (7.07) | −0.335* (−6.75) | 0.335 (0.65) |
| Ghana | −0.238* (−5.65) | 1.222* (12.75) | −0.220* (−5.08) | 1.135* (8.84) |
| Guinea−Bissau | −0.037 (−0.80) | 1.047* (8.76) | −0.085** (−1.96) | 0.947* (7.26) |
| Mali | −0.288*(−4.00) | 0.818* (6.72) | −0.216* (−3.19) | 0.682* (4.98) |
| Niger | −0.214* (−5.11) | 0.845* (12.38) | −0.226* (−3.98) | 1.174* (19.95) |
| Nigeria | 0.028(0.59) | 0.621* (3.03) | 0.018 (0.37) | 0.711* (3.12) |
| Senegal | 0.074 (1.07) | 0.703* (6.99) | −0.087 (−1.59) | 0.333* (2.54) |
| Sierra Leone | 0.062 (0.78) | 0.818* (7.97) | 0.088 (1.16) | 0.733* (7.46) |
| Togo | −0.082 (−0.81) | 0.836* (4.45) | −0.176 (−1.90) | 0.485** (1.92) |