Since 2009, investments by both the central government and local governments are declining. In 2014, these public investments were at the same level as before the economic crisis. The value of the public capital stock has been barely maintained during this period.

Total revenues of local governments increased until 2009, followed by a decline until 2014. Whereas for the municipalities this drop seems to be primarily associated with their own decreasing revenues, for the provinces it seems to have been caused mainly by a decrease in transfers from the national government.