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During the first quarter of 2025, the Real Direct Investment (RDI) of the National State in the provinces of the National State in the provinces and the Autonomous City of Buenos Aires showed a significant reactivation compared to the same period in 2024, with a year-on-year increase of 101.8% , according to a report by the consulting firm Politikon Chaco. However, this rebound is largely explained by the very low comparison base of the previous year , and the year before, and the level of execution remains the second lowest since 2004 . The IRD includes the States physical investments, primarily fixed infrastructure projects such as roads, bridges, canals, buildings, and levees , as well as expansions of existing projects. A total of $127.328 billion was spent in the first quarter, although the volume is 53% below the historical average (1995-2025) . Within the IRD, the construction sector continues to be the main component , representing 55.5% of the total 64 , although with a drop in its specific weight compared to the same period in 2024 (when it represented 67.3%). In real terms, this segment grew by 64.9% year-on-year , but is still 69.4% below the historical average. and remains at its and remains at its second lowest level since 2003 . The geographic distribution of investment shows strong imbalances. CABA and the province of Buenos Aires accounted for 55 % of the total execution , followed by Entre Ríos , Córdoba , and Santa Fe , which together account for 71.4 % of the total . In contrast, provinces such as La Rioja, San Luis, Chubut , and La Pampa did not register any construction execution, or presented minimal levels (less than 0.1%). In year-on-year terms, some provinces experienced abrupt increases motivated by the low comparison base of 2024. Formosa (+3,998.7%) , San Juan (+648.7%) , Jujuy (+525.6%) and Corr and Corrientes (+381.8%) stand out at the other extreme , La P , although their absolute levels remain low. At the other extreme, La Pampa, La Rioja and San Luis had zero execution during the period analyzed. The report also warns that in some jurisdictions, such as Buenos Aires City , investment in construction represented just 1.1% of its IRD , with the majority going to other areas such as security equipment. In contrast, in five provinces , construction represents 100% of the IRD , and in twelve others it exceeds 90 % , which shows that national public investment is strongly associated with traditional public works in much of the country. |
