Real Growth

model (5) coefficients

(Level effect)

model (6) coefficients

(Composition effect)

GDP real (−1)

−0.01***

(−4.48)

−0.03***

(−4.20)

Public Expenditures

−3.51

(−1.45)

-

Public Expenditures squared

0.06*

(1.81)

-

Public Consumption

-

3.58**

(2.27)

Public consumption squared

-

−0.11 **

(−2.44)

Public investment

-

−0.80

(−1.40)

Public Investment squared

-

0.70**

(1.97)

Private investment

2.33

(0.90)

0.61

(0.42)

Population

1.05

(0.73)

0.78

(0.35)

Term of trade

0.22

(1.07)

0.03

(0.40)

Constant

−6.12

(0.54)

−7.40

(−0.34)

Number of observations

30

30

F(..)

5.12

5.46

R²Adj

0.37

0.58

DW

2.05

2.65