Interpretation of Regression model

Regression Statistics
Multiple R 0.92504285
R Square 0.855704275
Adjusted R Square 0.850550856
Standard Error 195.0282716
Observations 30

Multiple R is not a standard measure for regression and it is difficult to interpret. So,
we’ll skip it and go to the two R-squared values.
The R-squared value of ~0.85570 indicates that our model Explain about 85.57% of the
dependent variable’s variance. Usually, higher R-squared values are better. However,
there are important caveats about that!
The adjusted R-squared value (0.85055) helps us compare regression models with
differing numbers of independent variables. For example, if you compare a model with
one independent variable to a model with two, you often favor the model with the higher
adjusted R-squared.
The standard error (195.0282) of the regression indicates the typical size of the
residuals. This statistic shows how wrong the regression model is on average. We want
lower values because it signifies that the distances between the data points and
the fitted values are smaller. Conveniently, this value uses the measurement units of the
dependent variable.
ANOVA TABLE
  df SS MS F Significance F
6315727.91
Regression 1 6315727.919 9 166.0459429 2.72559E-13
38036.0267
Residual 28 1065008.748 2
Total 29 7380736.667      

In ANOVA table, the most important statistic is Significance F. This is the p-value for the
F-test of overall significance. This test determines whether our model with all of its
independent variables does a better job explaining the dependent variable’s variability
than a model with no independent variables. If this test result is statistically significant, it
suggests you have a good model.
Our p-value for the overall F-test is 2.72559E-13. It’s written in scientific notation
because it is a tiny value. The E-13 indicates that we need to move the decimal point 13
places to the left. This value is smaller than any reasonable significance level.
Consequently, we can conclude that our regression model as a whole is statistically
significant.
Co efficient Table
The coefficients table displays the parameter estimates for the independent variables in
our model, along with the intercept value (constant).
We included one independent variables in our model that is Remittance.
   Coefficients Standard Error t Stat P-value Lower 95% Upper 95% Lower 95.0% Upper 95.0%
0.00034258
Intercept 226.389841 55.5415598 4.07604399 6 112.6181132 340.1615688 112.6181132 340.1615688

X Variable
1 7.7515E-08 6.0155E-09 12.88588153 2.72559E-13 6.51928E-08 8.98371E-08 6.51928E-08 8.98371E-08

The coefficient for X variable-1 is approximately 7.7515E-08. The value is very tiny in
level. It indicates that the increase rate of the dependent variable is very low. The
positive sign indicates that There is a positive association between two variables. It
indicates that if the remittance increases the Per capita GNI (Gross National Income)
will also tends to increase. If the Remittance is increased by $10,000,000 the Per capita
GNI will be increased by $.775.
The p-values for the coefficients indicate whether the dependent variable is statistically
significant. When the p-value is less than significance level, we can reject the null
hypothesis that the coefficient equals zero. Zero indicates no relationship.
For our variable, Excel displays the p-values using scientific notation because it is
miniscule. It indicates that that variable is statistically significant.
The confidence interval for a coefficient indicates the range of values that the
actual population parameter is likely to fall. Keep in mind that the coefficient values in
the output are sample estimates and are unlikely to equal the population value exactly.