EVALUATING THE TRIAD OF ECONOMIC DRIVERS: HOUSEHOLD CONSUMPTION, INVESTMENT, AND GOVERNMENT EXPENDITURE IN INDONESIA'S GROWTH TRAJECTORY (2016-2024) – AN ISLAMIC ECONOMICS PERSPECTIVE
Abstract
This study analyzes the influence of household consumption, investment, and government spending on Indonesia's economic growth from 2016 to 2024, by integrating an Islamic economic perspective. Quarterly secondary data from the Central Statistics Agency and the Financial Services Authority are used in multiple linear regression analysis, which is validated through classical assumption tests. The results show that household consumption and government spending have a positive and significant effect on economic growth, in line with Keynesian theory. However, investments, measured through Islamic mutual funds, show negative impacts, contrary to conventional economic expectations. This phenomenon is caused by the dominance of non-productive financial instruments, such as money market and fixed income mutual funds, which divert funds from productive sectors such as infrastructure and MSMEs. From the perspective of Islamic economics, these findings underscore the importance of investments that are not only sharia-compliant but also productive and socially beneficial, as emphasized by Umer Chapra in the concept of ethical and equitable growth. The research also underscores the crucial role of household consumption, supported by government stimulus during the COVID-19 pandemic, in maintaining Indonesia's economic resilience. Therefore, policy reforms are needed to improve the efficiency of government spending and direct investment to sectors that support long-term growth. By incorporating Islamic principles, this research offers a new approach to understanding Indonesia's economic dynamics, contributing to the literature on development economics and Islamic finance. These findings provide valuable insights for policymakers to design balanced economic strategies, which not only drive growth but also social well-being.
References
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Asutay, M. (2013). Conceptualisation of The Second Best Solution In Overcoming The Social Failure Of Islamic Banking and Finance: Examining The Overpowering of Homoislamicus by Homoeconomicus. International Journal of Economics, Management and Accounting, 15(2). https://doi.org/10.31436/ijema.v15i2.134
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Badreldin, A. (2022). The cost of constituent-rebalancing of Sharīʿah-compliant indexes: lessons for future crises. ISRA International Journal of Islamic Finance, 14(3), 241–255. https://doi.org/10.1108/IJIF-02-2021-0038
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Chapra, M. U. (2000). The future of economics: An Islamic perspective. Islamic Foundation.
Coffin, J., & Egan–Wyer, C. (2022). The ethical consumption cap and mean market morality. Marketing Theory, 22(1), 105–123. https://doi.org/10.1177/14705931211058772
Dusuki, A., & Bouheraoua, S. (2011). The Framework of Maqasid al-Shari’ah and Its Implications for Islamic Finance. ICR Journal. https://doi.org/10.52282/icr.v2i2.651
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Ferdiansah, R. (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
Fernández-Martínez, J. L., Fernández-Muñiz, Z., Cernea, A., & Kloczkowski, A. (2021). Predictive Mathematical Models of the Short-Term and Long-Term Growth of the COVID-19 Pandemic. Computational and Mathematical Methods in Medicine, 2021, 1–14. https://doi.org/10.1155/2021/5556433
Hafsa, Y., & Oumaima, B. (2021). An Overview Of Sukuk Issuance And Its Contribution to Economic Empowerment. AZKA International Journal of Zakat & Social Finance, 33–48. https://doi.org/10.51377/azjaf.vol2no1.42
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Hussain, F., Ali, A., Malik, N., & Javed, S. (2023). Investment Behaviour Of Individual Investors Regarding Sharia Stock Investment: A Systematic Review. Journal of Southwest Jiaotong University, 58(3). https://doi.org/10.35741/issn.0258-2724.58.3.35
Hussein, B. E. (2023). The Effect of Financial Policy on Achieving Economic Stability In Islamic Economics. Islamic Sciences Journal, 12(1), 250–273. https://doi.org/10.25130/jis.21.12.1.11
Iqbal, Zamir, & Mirakhor, Abbas. (2011). An introduction to islamic finance : theory and practice. John Wiley & Sons (Asia).
Karlan, D., Osman, A., & Shammout, N. (2021). Increasing Financial Inclusion in the Muslim World: Evidence from an Islamic Finance Marketing Experiment. The World Bank Economic Review, 35(2), 376–397. https://doi.org/10.1093/wber/lhaa010
Khaleequzzaman, M. (2020). Enhancing Financial Inclusion Through Sustainable Islamic Microfinance in Pakistan: A Participatory Products Development Perspective (pp. 201–219). https://doi.org/10.1007/978-3-030-39939-9_8
Khan, M. A. (1994). An Introduction to Islamic Economics. International Institute of Islamic Thought and Institute of Islamic Studies. https://books.google.co.id/books?id=o-u-wAEACAAJ
Khan, Q. M., Zafar, A., Shabbir, S., & Kouser, R. (2022). Islamic Finance: A Catalyst for Sustainable Development of Developed and Developing Countries. Sustainable Business and Society in Emerging Economies, 4(1). https://doi.org/10.26710/sbsee.v4i1.2209
Khattak, M. A., & Khan, N. A. (2023). ISLAMIC FINANCE, GROWTH, AND VOLATILITY: A FRESH EVIDENCE FROM 82 COUNTRIES. Journal of Islamic Monetary Economics and Finance, 9(1), 39–56. https://doi.org/10.21098/jimf.v9i1.1625
Kismawadi, E. R. (2024). Contribution of Islamic banks and macroeconomic variables to economic growth in developing countries: vector error correction model approach (VECM). Journal of Islamic Accounting and Business Research, 15(2), 306–326. https://doi.org/10.1108/JIABR-03-2022-0090
Ledhem, M. A. (2022). Does Sukuk financing boost economic growth? Empirical evidence from Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Luqman, M., Younis, W., & Kiani, S. H. (2022). Infrastructure Development and Economic Growth: A Comparative Study of Developing and Emerging Economies of Asia. Global Economics Review, VII(III), 53–66. https://doi.org/10.31703/ger.2022(VII-III).05
Mansur, A. (2022). Contrasting Deontological Economics with an Islamic Economics. OECONOMICUS Journal of Economics, 7(1), 37–52. https://doi.org/10.15642/oje.2022.7.1.37-52
Md. Abu Sayem, Naerul Edwin Kiky Aprianto, & Adam Voak. (2023). Perspectives on the Islamic Welfare State: The Goals of Economic Development and Justice. El-Jizya : Jurnal Ekonomi Islam, 11(1), 103–120. https://doi.org/10.24090/ej.v11i1.7819
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Metoui, M., & Ghorbel, A. (2023). Does the Sukuk Sector Stimulate Economic Growth? Empirical Evidence from MENA and Southeast Asia Region. International Journal of Empirical Economics, 02(02), 2350007. https://doi.org/10.1142/S2810943023500075
Mifrahi, M. N., & Tohirin, A. (2020). How Does Islamic Banking Support Economic Growth? Share: Jurnal Ekonomi Dan Keuangan Islam, 9(1), 72–91. https://doi.org/10.22373/share.v9i1.6882
Mohamad Shafi, R., & Tan, Y.-L. (2023). Evolution in Islamic capital market: a bibliometric analysis. Journal of Islamic Accounting and Business Research, 14(8), 1474–1495. https://doi.org/10.1108/JIABR-04-2022-0106
Mohd Nor, A., & Ismail, S. (2020). Profit and Loss Sharing (PLS) and Non-PLS Financing in Malaysia: Which One Should Be the One? KnE Social Sciences. https://doi.org/10.18502/kss.v4i6.6585
Muhamad, S. N., Wan Ismail, W. N. S., A Rahim, N. A. A., & Ahmad, S. N. (2020). Islamic Financing for Small and Medium Enterprises: Challenges and Opportunities. Global Business Management Review (GBMR), 12(Number 2), 50–64. https://doi.org/10.32890/gbmr2020.12.2.4
Muhsin, M., Rizka, R., & Muthoifin, M. (2023). The Indonesian government’s political economy in the policy of the highest retail price for cooking oil from a sharia perspective. ECo-Buss, 5(3), 1026–1034. https://doi.org/10.32877/eb.v5i3.666
Mukhaiyar, U., Widyanti, D., & Vantika, S. (2021). The time series regression analysis in evaluating the economic impact of COVID-19 cases in Indonesia. Model Assisted Statistics and Applications, 16(3), 197–210. https://doi.org/10.3233/MAS-210533
Murod, mun, Santoso, G., Jakarta, M., Ahmad Dahlan Cirendeu Ciputat, J. K., Selatan, T., & Dahlan Cirendeu Ciputat, A. (2023). Towards an Equitable Sharia Economic System in the City of Tasikmalaya: The Role of Sharia Regional Regulations and Islamic Relations. https://doi.org/10.54628
Nugroho, P., Syahnur, S., & Suriani, S. (2022). The Impact of Real Government Spending in Physical and Social Infrastructures on Economic Growth. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 7(4), 287–300. https://doi.org/10.33105/itrev.v7i4.482
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Raghibi, A., & Oubdi, L. (2021). A Proposed Model for Social Impact Sukuk. Turkish Journal of Islamic Economics, 8(2), 501–516. https://doi.org/10.26414/A106
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Yuli, S. B. C., & Rofik, M. (2023a). Implications of Sharia-compliant financing trade-offs on unemployment and growth. Public and Municipal Finance, 12(1), 100–109. https://doi.org/10.21511/pmf.12(1).2023.09
Yuli, S. B. C., & Rofik, M. (2023b). Implications of Sharia-compliant financing trade-offs on unemployment and growth. Public and Municipal Finance, 12(1), 100–109. https://doi.org/10.21511/pmf.12(1).2023.09
Agustina, M., Majid, M. S. Abd., Musnadi, S., Faisal, F., Hafasnuddin, H., & Suriani, S. (2022). Islamic Banking, Economic Growth, and Poverty Reduction in Indonesia. 2022 International Conference on Decision Aid Sciences and Applications (DASA), 1249–1253. https://doi.org/10.1109/DASA54658.2022.9765089
Ahmed, H. (2022). Islamic Capital: Ethical Foundations Of An Equitable Economic System ISDB Prize Laureate Lecture 2022.
Al Madani, N., & Dahruji, D. (2022). The Analysis of Influence State Expenditures, Islamic Banking Finance and Foreign Investment (PMA) Economic Growth in Indonesia 2017-2022. LISAN AL-HAL: Jurnal Pengembangan Pemikiran Dan Kebudayaan, 16(2), 273–294. https://doi.org/10.35316/lisanalhal.v16i2.273-294
Alawneh, A. M. (2022). Relationship between Fiscal Policy and Islamic Finance: A Case Study of the Jordan Islamic Bank. International Journal of Asian Social Science, 12(7), 249–263. https://doi.org/10.55493/5007.v12i7.4545
Asutay, M. (2013). Conceptualisation of The Second Best Solution In Overcoming The Social Failure Of Islamic Banking and Finance: Examining The Overpowering of Homoislamicus by Homoeconomicus. International Journal of Economics, Management and Accounting, 15(2). https://doi.org/10.31436/ijema.v15i2.134
Ayub, M., Hassan, M. K., & Saba, I. (2023). Revisiting the paradigm of Sharīʿah governance of Islamic financial institutions. Journal of Islamic Accounting and Business Research, 15(8), 1245–1265. https://doi.org/10.1108/JIABR-04-2022-0110
Badreldin, A. (2022). The cost of constituent-rebalancing of Sharīʿah-compliant indexes: lessons for future crises. ISRA International Journal of Islamic Finance, 14(3), 241–255. https://doi.org/10.1108/IJIF-02-2021-0038
Bank Indonesia. (2021). Indonesia’s Economy Building Momentum, Expansion Recorded in Q2/2021.
Bella, F. I., Mawardi, I., & Amelia, I. (2022). Islamic Finance-Growth Nexus: Evidence from Indonesia. Shirkah: Journal of Economics and Business, 7(2), 139–154. https://doi.org/10.22515/shirkah.v7i2.472
Butt, H. A., Sadaqat, M., & Shear, F. (2023). Does Islamic financial development foster economic growth? International evidence. Journal of Islamic Accounting and Business Research, 14(6), 1013–1029. https://doi.org/10.1108/JIABR-10-2022-0267
Chapra, M. U. (2000). The future of economics: An Islamic perspective. Islamic Foundation.
Coffin, J., & Egan–Wyer, C. (2022). The ethical consumption cap and mean market morality. Marketing Theory, 22(1), 105–123. https://doi.org/10.1177/14705931211058772
Dusuki, A., & Bouheraoua, S. (2011). The Framework of Maqasid al-Shari’ah and Its Implications for Islamic Finance. ICR Journal. https://doi.org/10.52282/icr.v2i2.651
Elmorabit, F., Zaheer, S., Boussetta, M., & Achour, F. Z. (2023). The Potential Role of Sukuk in Promoting Economic Growth: Evidence from Malaysia And Bahrain. JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT STUDIES, 06(01). https://doi.org/10.47191/jefms/v6-i1-49
Ferdiansah, R. (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
Fernández-Martínez, J. L., Fernández-Muñiz, Z., Cernea, A., & Kloczkowski, A. (2021). Predictive Mathematical Models of the Short-Term and Long-Term Growth of the COVID-19 Pandemic. Computational and Mathematical Methods in Medicine, 2021, 1–14. https://doi.org/10.1155/2021/5556433
Hafsa, Y., & Oumaima, B. (2021). An Overview Of Sukuk Issuance And Its Contribution to Economic Empowerment. AZKA International Journal of Zakat & Social Finance, 33–48. https://doi.org/10.51377/azjaf.vol2no1.42
Haneef, M. (2005). The development and impact of Islamic economic institutions: The Malaysian experience. In Islam in Southeast Asia: Political, Social and Strategic Challenges for the 21st Century (pp. 82–99). https://api.elsevier.com/content/abstract/scopus_id/77952340397
Hidayat, S. E., Izharivan, Y., & Sari, C. A. (2021). Islamic Finance and Sustainable Economy: A New Model of Islamic Financial Ecosystem. In Islamic Finance and Sustainable Development (pp. 265–284). Springer International Publishing. https://doi.org/10.1007/978-3-030-76016-8_11
Hussain, F., Ali, A., Malik, N., & Javed, S. (2023). Investment Behaviour Of Individual Investors Regarding Sharia Stock Investment: A Systematic Review. Journal of Southwest Jiaotong University, 58(3). https://doi.org/10.35741/issn.0258-2724.58.3.35
Hussein, B. E. (2023). The Effect of Financial Policy on Achieving Economic Stability In Islamic Economics. Islamic Sciences Journal, 12(1), 250–273. https://doi.org/10.25130/jis.21.12.1.11
Iqbal, Zamir, & Mirakhor, Abbas. (2011). An introduction to islamic finance : theory and practice. John Wiley & Sons (Asia).
Karlan, D., Osman, A., & Shammout, N. (2021). Increasing Financial Inclusion in the Muslim World: Evidence from an Islamic Finance Marketing Experiment. The World Bank Economic Review, 35(2), 376–397. https://doi.org/10.1093/wber/lhaa010
Khaleequzzaman, M. (2020). Enhancing Financial Inclusion Through Sustainable Islamic Microfinance in Pakistan: A Participatory Products Development Perspective (pp. 201–219). https://doi.org/10.1007/978-3-030-39939-9_8
Khan, M. A. (1994). An Introduction to Islamic Economics. International Institute of Islamic Thought and Institute of Islamic Studies. https://books.google.co.id/books?id=o-u-wAEACAAJ
Khan, Q. M., Zafar, A., Shabbir, S., & Kouser, R. (2022). Islamic Finance: A Catalyst for Sustainable Development of Developed and Developing Countries. Sustainable Business and Society in Emerging Economies, 4(1). https://doi.org/10.26710/sbsee.v4i1.2209
Khattak, M. A., & Khan, N. A. (2023). ISLAMIC FINANCE, GROWTH, AND VOLATILITY: A FRESH EVIDENCE FROM 82 COUNTRIES. Journal of Islamic Monetary Economics and Finance, 9(1), 39–56. https://doi.org/10.21098/jimf.v9i1.1625
Kismawadi, E. R. (2024). Contribution of Islamic banks and macroeconomic variables to economic growth in developing countries: vector error correction model approach (VECM). Journal of Islamic Accounting and Business Research, 15(2), 306–326. https://doi.org/10.1108/JIABR-03-2022-0090
Ledhem, M. A. (2022). Does Sukuk financing boost economic growth? Empirical evidence from Southeast Asia. PSU Research Review, 6(3), 141–157. https://doi.org/10.1108/PRR-09-2020-0028
Luqman, M., Younis, W., & Kiani, S. H. (2022). Infrastructure Development and Economic Growth: A Comparative Study of Developing and Emerging Economies of Asia. Global Economics Review, VII(III), 53–66. https://doi.org/10.31703/ger.2022(VII-III).05
Mansur, A. (2022). Contrasting Deontological Economics with an Islamic Economics. OECONOMICUS Journal of Economics, 7(1), 37–52. https://doi.org/10.15642/oje.2022.7.1.37-52
Md. Abu Sayem, Naerul Edwin Kiky Aprianto, & Adam Voak. (2023). Perspectives on the Islamic Welfare State: The Goals of Economic Development and Justice. El-Jizya : Jurnal Ekonomi Islam, 11(1), 103–120. https://doi.org/10.24090/ej.v11i1.7819
Mensah, O. S., Qio, H., Chuambo, F., & Merz, E. (2021). The Role of Public Goods Provision in Reducing Poverty in Sub-Saharan Africa: Quantile Regression and Fixed Effect Models. OALib, 08(11), 1–14. https://doi.org/10.4236/oalib.1108129
Metoui, M., & Ghorbel, A. (2023). Does the Sukuk Sector Stimulate Economic Growth? Empirical Evidence from MENA and Southeast Asia Region. International Journal of Empirical Economics, 02(02), 2350007. https://doi.org/10.1142/S2810943023500075
Mifrahi, M. N., & Tohirin, A. (2020). How Does Islamic Banking Support Economic Growth? Share: Jurnal Ekonomi Dan Keuangan Islam, 9(1), 72–91. https://doi.org/10.22373/share.v9i1.6882
Mohamad Shafi, R., & Tan, Y.-L. (2023). Evolution in Islamic capital market: a bibliometric analysis. Journal of Islamic Accounting and Business Research, 14(8), 1474–1495. https://doi.org/10.1108/JIABR-04-2022-0106
Mohd Nor, A., & Ismail, S. (2020). Profit and Loss Sharing (PLS) and Non-PLS Financing in Malaysia: Which One Should Be the One? KnE Social Sciences. https://doi.org/10.18502/kss.v4i6.6585
Muhamad, S. N., Wan Ismail, W. N. S., A Rahim, N. A. A., & Ahmad, S. N. (2020). Islamic Financing for Small and Medium Enterprises: Challenges and Opportunities. Global Business Management Review (GBMR), 12(Number 2), 50–64. https://doi.org/10.32890/gbmr2020.12.2.4
Muhsin, M., Rizka, R., & Muthoifin, M. (2023). The Indonesian government’s political economy in the policy of the highest retail price for cooking oil from a sharia perspective. ECo-Buss, 5(3), 1026–1034. https://doi.org/10.32877/eb.v5i3.666
Mukhaiyar, U., Widyanti, D., & Vantika, S. (2021). The time series regression analysis in evaluating the economic impact of COVID-19 cases in Indonesia. Model Assisted Statistics and Applications, 16(3), 197–210. https://doi.org/10.3233/MAS-210533
Murod, mun, Santoso, G., Jakarta, M., Ahmad Dahlan Cirendeu Ciputat, J. K., Selatan, T., & Dahlan Cirendeu Ciputat, A. (2023). Towards an Equitable Sharia Economic System in the City of Tasikmalaya: The Role of Sharia Regional Regulations and Islamic Relations. https://doi.org/10.54628
Nugroho, P., Syahnur, S., & Suriani, S. (2022). The Impact of Real Government Spending in Physical and Social Infrastructures on Economic Growth. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 7(4), 287–300. https://doi.org/10.33105/itrev.v7i4.482
OECD. (2023). OECD Economic Outlook, Volume 2023 Issue 1. OECD. https://doi.org/10.1787/ce188438-en
Patro, C. S. (2022). Welfare Programs as a Strategy of Promoting Employees’ Economic Growth and Work Productivity. In Research Anthology on Changing Dynamics of Diversity and Safety in the Workforce (pp. 495–515). IGI Global. https://doi.org/10.4018/978-1-6684-2405-6.ch026
Pigou, A. C. (1936). Mr. J. M. Keynes’ General Theory of Employment, Interest and Money. Economica, 3(10), 115–132. https://doi.org/10.2307/2549064
Raghibi, A., & Oubdi, L. (2021). A Proposed Model for Social Impact Sukuk. Turkish Journal of Islamic Economics, 8(2), 501–516. https://doi.org/10.26414/A106
Reza, A. M. (n.d.). Multidisciplinary Output Research For Actual and International Issues |MORFAI JOURNAL THE IMPLEMENTATION OF SHARIA BANKING ON THE ECONOMY OF SOCIETY IN INDONESIA.
Rohmana, Y. (2022). Review Of Islamic Economics And Finance Consumption: Ethical Perspective of Islamic Economics (Vol. 5, Issue 1).
Shah, S. M. A. R., Raza, K., & Shaherbano. (2020). The Role of Islamic Finance in Achieving Economic Growth: An Econometric Analysis of Pakistan (pp. 241–258). https://doi.org/10.1007/978-3-030-39939-9_10
Wulandari, P., & Pramesti, M. (2021). Designing sustainable Islamic Microfinance to enhance the accessibility of poor borrowers in Indonesia: an appreciative intelligence approach. IOP Conference Series: Earth and Environmental Science, 716(1), 012065. https://doi.org/10.1088/1755-1315/716/1/012065
Yuli, S. B. C., & Rofik, M. (2023a). Implications of Sharia-compliant financing trade-offs on unemployment and growth. Public and Municipal Finance, 12(1), 100–109. https://doi.org/10.21511/pmf.12(1).2023.09
Yuli, S. B. C., & Rofik, M. (2023b). Implications of Sharia-compliant financing trade-offs on unemployment and growth. Public and Municipal Finance, 12(1), 100–109. https://doi.org/10.21511/pmf.12(1).2023.09
Published
2025-10-15
How to Cite
SYAICHONI, Ahmad et al.
EVALUATING THE TRIAD OF ECONOMIC DRIVERS: HOUSEHOLD CONSUMPTION, INVESTMENT, AND GOVERNMENT EXPENDITURE IN INDONESIA'S GROWTH TRAJECTORY (2016-2024) – AN ISLAMIC ECONOMICS PERSPECTIVE.
Proceedings of the International Conference of Islamic Economics and Business (ICONIES), [S.l.], v. 11, n. 1, p. 309-320, oct. 2025.
ISSN 2541-3333.
Available at: <https://urj.uin-malang.ac.id/index.php/iconies/article/view/3496>. Date accessed: 24 july 2026.
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