Pengaruh Konsumsi Rumah Tangga, Investasi Asing dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia
Keywords:
economic growth, , household consumption, foreign direct investment, inflation
Abstract
This study examines the dynamic relationship between economic growth, household consumption, foreign investment, and inflation in Indonesia using the Autoregressive Distributed Lag (ARDL) model approach. Empirical results show that household consumption and foreign investment significantly affect national economic growth in the short term. Meanwhile, inflation has an adverse effect on economic growth in the short term. In a long-term analysis, household consumption has a positive and significant effect compared to other variables at a significance level of 1%. In comparison, foreign investment has a positive effect at a significance level of 10%. The inflation variable in the long term does not have a significant effect on economic growth. This empirical finding shows that household consumption is still adequate and is one of Indonesia's main drivers of stimulating economic growth. This study has limitations in the form of time series data analyzed. It can use panel data and other actual variables for further research development.
References
Afiftah, A., Juliprijanto, W., & Destiningsih, R. (2017). Analysis of the effect of government consumption expenditure and household consumption expenditure in Indonesia in 1988-2017. Dinamic: Directory Journal of Economic, 1(2), 11–22.
Al Rasasi, M., Alzahrani, Y., & Alassaf, M. (2021). On the causal relationship between household consumption and economic growth in Saudi Arabia. Business and Economic Research, 11(2), 165. https://doi.org/10.5296/ber.v11i2.18386
Azam, M., Khan, A. Q., Bakhtyar, B., & Emirullah, C. (2015). The causal relationship between energy consumption and economic growth in the ASEAN-5 countries. Renewable and Sustainable Energy Reviews, 47, 732–745. https://doi.org/10.1016/j.rser.2015.03.023
Bank, W. (2024). Households and final consumption expenditure. World Development Indicators. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=ID
Batrancea, L. (2021). Empirical evidence regarding the impact of economic growth and inflation on economic sentiment and household consumption. Journal of Risk and Financial Management, 14(7). https://doi.org/10.3390/jrfm14070336
Bimantoro, F., & Mona, A. (2016). Pengaruh Penanaman Modal Asing Terhadap Pertumbuhan Ekonomi Di Indonesia. Media Ekonomi, 24(1), 63–74. https://doi.org/10.25105/me.v24i1.3789
Bonsu, C. O., & Muzindutsi, P.-F. (2017). Macroeconomic determinants of household consumption expenditure in Ghana: A multivariate cointegration approach. International Journal of Economics and Financial Issues, 7(4), 737–745. https://www.econjournals.com/index.php/ijefi/article/view/3846/pdf
Chowdhury, A. (2010). Does inflation affect economic growth? The relevance of the debate for indonesia. Journal of the Asia Pacific Economy, 7(1), 20–34.
Coban, O., & Bawa, Y. (2019). Relationships between economic growth, foreign direct investment and inflation: ARDL Models approach for the case of Ghana. Eurasian Research Journal, 1(2), 7–23. https://dergipark.org.tr/en/pub/erj/issue/47886/605465
Damuri, Y. R., Aswicahyono, H., & Christian, D. (2018). Innovation policy in Indonesia. In innovation policy in Asean (pp. 98–127). http://www.eria.org/uploads/media/5.ERIA.
Eftimoski, D., & Josheski, D. (2020). Reopening the debate on the relationship among remittances, household consumption stability and economic growth in emerging markets. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-02-2020-0160
Ekinci, R., Tüzün, O., & Ceylan, F. (2020). The relationship between inflation and economic growth: experinces of some inflation targeting countries. Financial and Monetary Research, Bucharest, 24(1), 6–20. http://www.centralbanknews.info/p/inflation-targets.html
Ferdiansah, R., Aldian, Y., & Sayudin. (2022). The impact of household consumption and investment on economic growth. American Journal of Economic and Management Business (AJEMB), 1(2), 61–66. https://doi.org/10.58631/ajemb.v1i2.8
Handriyani, R., Sahyar, M. M., & Arwansyah, M. (2018). Analysis the effect of household consumption expenditure, investment and labor to economic growth: A case in Province of North Sumatra. Studia Universitatis „Vasile Goldis” Arad – Economics Series, 28(4), 45–54. https://doi.org/10.2478/sues-2018-0019
Hobbs, S., Paparas, D., & AboElsoud, M. E. (2021). Does foreign direct investment and trade promote economic growth? evidence from Albania. Economies, 9(1), 1–19. https://doi.org/10.3390/economies9010001
Karim, Z. A., Karim, B. A., & Zaidi, M. A. S. (2012). Fixed investment, household consumption, and economic growth: A structural vector error correction model (SVECM) study of Malaysia. International Journal of Business and Society, 13(1), 63–76.
Kusumatrisna, A. L., Sugema, I., & Pasaribu, S. H. (2022). Threshold effect in the relationship between inflation rate and economic growth in indonesia. Buletin Ekonomi Moneter Dan Perbankan, 25(2), 117–132. https://doi.org/10.21098/bemp.v25i1.1045
Majid, J., Lee, S., & Woon, S. (2020). Effect of foreign direct investment on economic growth of Pakistan: The ARDL approach. Global Business & Finance Review, 25(2), 19–36.
Nurlina, N., Ridha, A., Syahputra, R., & Muda, I. (2024). Impact of selected macroeconomic on poverty alleviation in Indonesia: Evidence from NARDL approach. Journal of Infrastructure, Policy and Development, 8(8), 1–17. https://doi.org/10.24294/jipd.v8i8.5166
Pesaran, M. ., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289–326. https://doi.org/10.1002/jae.616
Rafiy, M., Adam, P., Bachmid, G., & Saenong, Z. (2018). An analysis of the effect of consumption spending and investment on Indonesia’s economic growth. Iranian Economic Review, 22(3), 753–766. https://doi.org/10.22059/ier.2018.66642
Ridha, A., Nurjannah, & Mutia, R. (2021). Analisis Permintaan Uang di Indonesia: Pendekatan Autoegressive Distributed lag. Jurnal Samudra Ekonomika, 5(2), 152–160. https://doi.org/10.33059/jse.v5i2.4273
Ridzuan, A., Razak, M., Ibrahim, Z., Noor, A., & Ahmed, E. (2014). Household Consumption, Domestic Investment, Government Expenditure and Economic Growth: New Evidence from Malaysia. Journal of Scientific Research and Reports, 3(17), 2373–2381. https://doi.org/10.9734/jsrr/2014/11335
Susanti, E., & Sholeh, M. (2020). Indonesia Economic Growth Determinant: the Impact of Macro Economic Variables and International Trade. International Journal of Economics and Financial Issues, 10(5), 70–76. https://doi.org/10.32479/ijefi.10273
Tapsin, G., & Hepsag, A. (2014). an Analysis of Household Consumption Expenditures in EA-18. European Scientific Journal, 10(16), 1–12.
Al Rasasi, M., Alzahrani, Y., & Alassaf, M. (2021). On the causal relationship between household consumption and economic growth in Saudi Arabia. Business and Economic Research, 11(2), 165. https://doi.org/10.5296/ber.v11i2.18386
Azam, M., Khan, A. Q., Bakhtyar, B., & Emirullah, C. (2015). The causal relationship between energy consumption and economic growth in the ASEAN-5 countries. Renewable and Sustainable Energy Reviews, 47, 732–745. https://doi.org/10.1016/j.rser.2015.03.023
Bank, W. (2024). Households and final consumption expenditure. World Development Indicators. https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=ID
Batrancea, L. (2021). Empirical evidence regarding the impact of economic growth and inflation on economic sentiment and household consumption. Journal of Risk and Financial Management, 14(7). https://doi.org/10.3390/jrfm14070336
Bimantoro, F., & Mona, A. (2016). Pengaruh Penanaman Modal Asing Terhadap Pertumbuhan Ekonomi Di Indonesia. Media Ekonomi, 24(1), 63–74. https://doi.org/10.25105/me.v24i1.3789
Bonsu, C. O., & Muzindutsi, P.-F. (2017). Macroeconomic determinants of household consumption expenditure in Ghana: A multivariate cointegration approach. International Journal of Economics and Financial Issues, 7(4), 737–745. https://www.econjournals.com/index.php/ijefi/article/view/3846/pdf
Chowdhury, A. (2010). Does inflation affect economic growth? The relevance of the debate for indonesia. Journal of the Asia Pacific Economy, 7(1), 20–34.
Coban, O., & Bawa, Y. (2019). Relationships between economic growth, foreign direct investment and inflation: ARDL Models approach for the case of Ghana. Eurasian Research Journal, 1(2), 7–23. https://dergipark.org.tr/en/pub/erj/issue/47886/605465
Damuri, Y. R., Aswicahyono, H., & Christian, D. (2018). Innovation policy in Indonesia. In innovation policy in Asean (pp. 98–127). http://www.eria.org/uploads/media/5.ERIA.
Eftimoski, D., & Josheski, D. (2020). Reopening the debate on the relationship among remittances, household consumption stability and economic growth in emerging markets. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-02-2020-0160
Ekinci, R., Tüzün, O., & Ceylan, F. (2020). The relationship between inflation and economic growth: experinces of some inflation targeting countries. Financial and Monetary Research, Bucharest, 24(1), 6–20. http://www.centralbanknews.info/p/inflation-targets.html
Ferdiansah, R., Aldian, Y., & Sayudin. (2022). The impact of household consumption and investment on economic growth. American Journal of Economic and Management Business (AJEMB), 1(2), 61–66. https://doi.org/10.58631/ajemb.v1i2.8
Handriyani, R., Sahyar, M. M., & Arwansyah, M. (2018). Analysis the effect of household consumption expenditure, investment and labor to economic growth: A case in Province of North Sumatra. Studia Universitatis „Vasile Goldis” Arad – Economics Series, 28(4), 45–54. https://doi.org/10.2478/sues-2018-0019
Hobbs, S., Paparas, D., & AboElsoud, M. E. (2021). Does foreign direct investment and trade promote economic growth? evidence from Albania. Economies, 9(1), 1–19. https://doi.org/10.3390/economies9010001
Karim, Z. A., Karim, B. A., & Zaidi, M. A. S. (2012). Fixed investment, household consumption, and economic growth: A structural vector error correction model (SVECM) study of Malaysia. International Journal of Business and Society, 13(1), 63–76.
Kusumatrisna, A. L., Sugema, I., & Pasaribu, S. H. (2022). Threshold effect in the relationship between inflation rate and economic growth in indonesia. Buletin Ekonomi Moneter Dan Perbankan, 25(2), 117–132. https://doi.org/10.21098/bemp.v25i1.1045
Majid, J., Lee, S., & Woon, S. (2020). Effect of foreign direct investment on economic growth of Pakistan: The ARDL approach. Global Business & Finance Review, 25(2), 19–36.
Nurlina, N., Ridha, A., Syahputra, R., & Muda, I. (2024). Impact of selected macroeconomic on poverty alleviation in Indonesia: Evidence from NARDL approach. Journal of Infrastructure, Policy and Development, 8(8), 1–17. https://doi.org/10.24294/jipd.v8i8.5166
Pesaran, M. ., Shin, Y., & Smith, R. J. (2001). Bounds testing approaches to the analysis of level relationships. Journal of Applied Econometrics, 16, 289–326. https://doi.org/10.1002/jae.616
Rafiy, M., Adam, P., Bachmid, G., & Saenong, Z. (2018). An analysis of the effect of consumption spending and investment on Indonesia’s economic growth. Iranian Economic Review, 22(3), 753–766. https://doi.org/10.22059/ier.2018.66642
Ridha, A., Nurjannah, & Mutia, R. (2021). Analisis Permintaan Uang di Indonesia: Pendekatan Autoegressive Distributed lag. Jurnal Samudra Ekonomika, 5(2), 152–160. https://doi.org/10.33059/jse.v5i2.4273
Ridzuan, A., Razak, M., Ibrahim, Z., Noor, A., & Ahmed, E. (2014). Household Consumption, Domestic Investment, Government Expenditure and Economic Growth: New Evidence from Malaysia. Journal of Scientific Research and Reports, 3(17), 2373–2381. https://doi.org/10.9734/jsrr/2014/11335
Susanti, E., & Sholeh, M. (2020). Indonesia Economic Growth Determinant: the Impact of Macro Economic Variables and International Trade. International Journal of Economics and Financial Issues, 10(5), 70–76. https://doi.org/10.32479/ijefi.10273
Tapsin, G., & Hepsag, A. (2014). an Analysis of Household Consumption Expenditures in EA-18. European Scientific Journal, 10(16), 1–12.
Published
2025-06-26
How to Cite
Ridha, A., Ismanidar, N., Iskandar, I., & Asnidar, A. (2025). Pengaruh Konsumsi Rumah Tangga, Investasi Asing dan Inflasi Terhadap Pertumbuhan Ekonomi Indonesia , 9(1), 91 - 101. https://doi.org/10.33059/jensi.v9i1.11791
Issue
Section
Articles
Copyright (c) 2025 Ahmad Ridha, Nur Ismanidar, Iskandar, Asnidar
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
.png)
