Investment by non-financial enterprises (NFE) bounced back in Q1 2022 (+0.4% after –0.4% in Q4 2021) but with contrasting changes depending on the product. Investment in manufactured products fell back further (–1.6% after –2.4%), to 4% below its Q4 2019 level. Most notably, the purchase of transport equipment by companies declined for the fourth consecutive quarter and is now 29% below its pre-crisis level: deliveries of automobiles have suff ered as a result of supply chain difficulties with constructors, and these have only worsened with the war in Ukraine and the lockdown in several major Chinese cities. NFE investment in construction improved slightly in Q1 (+0.4% after 0.0%), settling at almost 1% above its pre-health crisis level. Finally, investment by NFEs in services retained its momentum (+1.9%) and has exceeded its pre-health crisis level by 12%. It is driven mainly by investment in information and communication services....