Assessing Swaziland’s Fiscal Sustainability and Policy Options

Table 3

Unit root test results, Phillips-Perron test statistic.

Variable	Adjusted -statistic	Probability
Debt to GDP ratio	−3.9177	0.0054
Primary surplus to GDP ratio	−2.9980	0.0465
Interest rate	−2.8934	0.0615
GDP growth	−2.8189	0.0712
Output gap	−5.5909	0.0001
MacKinnon (1996) [19] test critical values:
1% level	−3.752942
5% level	−2.998064
10% level	−2.638752