Majalah Ilmiah Unikom

High and sustainable economic growth needed to achieve improvement in the wealth of nation. Indonesia economic growth during 1980-2004 has been fluctuated, affected by many factors, i.e.: investment, human capital, monetary aggregate, rate of interest, and export activities. This research attempted to understand the magnitude effect of those factors to Indonesia economic growth during period 1980.I-2004.IV. We use real Gross Domestic Product (GDP) as dependent variable in this research, while the independent variables were real investment, human capital (number of high school students), real M1 monetary aggregate, real rate of 12 month time-deposit, and real export. We used co integration analysis with analysis tool dynamic model Partial Adjustment Model (PAM). Our analysis showed that, in the short-term, Indonesia economic growth during period 1980.I-2004.IV was significantly affected by real investment and real rate 12 month time-deposit. While in the same period, long-term estimation showed that Indonesia economic growth significantly effected by real invest-ment, human capital, and rate of 12 month time-deposit.