Variable definitions and data sources
| Variable | Symbol | Definition | Unit | Source |
|---|---|---|---|---|
| CO2 emissions per capita | yt | Carbon dioxide emissions per capita. The dependent variable is transformed into its natural logarithm in the NARDL model | Metric tons per capita | World Bank (2026) |
| Bank-based financial development | fdt | Bank claims on the private sector as a share of GDP. This variable proxies bank-based financial development and does not represent the entire financial system | Percentage of GDP | Saudi Central Bank (SAMA), Bank Claims on Private Sector |
| Economic diversification | Divt | Economic Complexity Index, capturing the diversity and sophistication of Saudi Arabia's productive and export capabilities. It is a partial proxy for diversification | Standardized index | Harvard Growth Lab, Atlas of Economic Complexity |
| Electricity consumption | Component of xt | Electric power consumption per capita | Kilowatt-hours per capita | World Bank (2026) |
| GDP per capita | Component of xt | Gross domestic product per capita at constant prices | Constant 2015 US dollars per capita | World Bank (2026) |
| Industrial activity | Component of xt | Industry, including construction, value added as a share of GDP | Percentage of GDP | World Bank (2026) |
| Urbanization | Component of xt | Urban population as a percentage of total population | Percentage of total population | World Bank (2026) |
| Trade openness | Component of xt | Total exports plus imports of goods and services as a share of GDP | Percentage of GDP | World Bank (2026) |
| Variable | Symbol | Definition | Unit | Source |
|---|---|---|---|---|
| CO2 emissions per capita | yt | Carbon dioxide emissions per capita. The dependent variable is transformed into its natural logarithm in the NARDL model | Metric tons per capita | |
| Bank-based financial development | fdt | Bank claims on the private sector as a share of GDP. This variable proxies bank-based financial development and does not represent the entire financial system | Percentage of GDP | Saudi Central Bank (SAMA), Bank Claims on Private Sector |
| Economic diversification | Divt | Economic Complexity Index, capturing the diversity and sophistication of Saudi Arabia's productive and export capabilities. It is a partial proxy for diversification | Standardized index | Harvard Growth Lab, Atlas of Economic Complexity |
| Electricity consumption | Component of xt | Electric power consumption per capita | Kilowatt-hours per capita | |
| GDP per capita | Component of xt | Gross domestic product per capita at constant prices | Constant 2015 US dollars per capita | |
| Industrial activity | Component of xt | Industry, including construction, value added as a share of GDP | Percentage of GDP | |
| Urbanization | Component of xt | Urban population as a percentage of total population | Percentage of total population | |
| Trade openness | Component of xt | Total exports plus imports of goods and services as a share of GDP | Percentage of GDP |
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