The Relation between Economic Growth and Oil Production in the Gulf Cooperation Countries: Panel ARDL Approach

Rachid Hafsi, Abdelghafour Dadene, Abdelhak Guennoun

Abstract


This study investigated the impact of oil Petroleum production on economic growth in  the Gulf Cooperation Council countries using panel autoregressive distributed lag model covering the period from 1960 to 2018. The results indicated that oil Petroleum production have significant positive impact on economic growth in both the long-run and the short-run period, also results show that variables are Co integrated by using the pool mean group (PMG) method. Panel Causality Test indicates that there is a causal relationship between Oil production and economic growth. There exists unidirectional causality running from economic growth (GDP) to petroleum production (PP).

Keywords: Economic growth, Petroleum production, CCG countries, Panel co-integration, Panel causality

JEL Classifications: C01, Q40, Q43

DOI: https://doi.org/10.32479/ijeep.11048


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