<![CDATA[This study examines the dynamic effects of realized investment and net exports of goods and services on economic growth through Gross Fixed Capital Formation (GFCF/PMTB) in South Kalimantan Province. A quantitative approach is employed using annual secondary time-series data for the period 2013–2024 obtained from official publications of Statistics Indonesia (BPS) and relevant institutions. The analysis applies path analysis based on Ordinary Least Squares (OLS) regression with Newey–West (HAC) standard errors to test both direct and indirect (mediating) relationships, with indirect effects assessed using the Sobel test. The results indicate that realized investment has no significant direct effect on economic growth, while it exerts a positive and significant effect on GFCF. Net exports show no significant effect on either economic growth or GFCF. Furthermore, GFCF does not significantly affect economic growth, implying that GFCF does not mediate the relationships between realized investment and net exports and economic growth. The adjusted R² values suggest that the model has strong explanatory power for GFCF but weak explanatory power for economic growth, indicating that economic growth is largely driven by factors outside the proposed model. Overall, the findings confirm that increased investment has contributed to capital accumulation, yet this accumulation has not been optimally translated into sustained regional output growth.]]>
