| INTERCEPT | ||||
| VARIABLES | ADF T-STATISTIC VALUE | ADF 5% CRITICAL VALUE | P-VALUE | STATUS OF UNIT ROOT |
| GDP | −1.141 | −3.000 | 0.6984 | Non Stationary |
| L (GDP) | −1.033 | −3.000 | 0.7409 | Non Stationary |
| D (LGDP) | −3.887 | −3.000 | 0.0021 | Stationary |
| ADR | 1.518 | −3.658 | 0.9999 | Non Stationary |
| L (ADR) | 2.920 | −3.658 | 0.9999 | Non Stationary |
| D (LADR) | −4.151 | −3.691 | 0.0218 | Stationary |
| TFR | −2.219 | −3.691 | 0.4522 | Non Stationary |
| L (TFR) | −1.893 | −3.691 | 0.6166 | Non Stationary |
| D (LTFR) | −3.830 | −3.000 | 0.0026 | Stationary |
| PSE | −3.328 | −3.933 | 0.1140 | Non Stationary |
| L (PSE) | −3.629 | −3.933 | 0.0760 | Non Stationary |
| D (LPSE) | −3.624 | −3.000 | 0.0053 | Stationary |
| We reject the H0 of presence of Unit root in case P-Value < 5% significance level | ||||