nvestment by non-financial enterprises (NFEs) had almost stabilised in Q4 2024 (-0.2% after -1.1% in Q3). Investment in manufactured products was no longer in decline (+0.1% after -4.8% in Q3 2024), due to the rebound in purchases of transport equipment (+2.8% after -9.8%), while the purchase of capital goods (-1.2% after -2.5%) and “other industrial products” (-1.0% after -1.9%) continued to fall, hampered by the uncertain situation and the effects of the earlier tightening of financing conditions. Investment in construction slipped down (-1.1% after +0.6% in Q3), and has now recorded a decline in seven of the last eight quarters. Finally, investment spending on services increased hardly at all (+0.2% after +1.1%), whether in services to businesses (+0.2% after +0.9%) or information-communication (+0.1% after +1.1%). All in all, across the whole of 2024, investment by NFEs declined (-1.6% after +3.1% in 2023). Investment in manufactured products fell (-5.6% in 2024 after +3.6% in 2023), while the decline in investment in construction worsened (-2.4% after -0.5%). Investment in services is promising, notably with spending on information-communication services, but it nevertheless slowed significantly (+2.8% after +5.4%)...