New Monthly Enterprises Survey. Issue 48. Ukrainian Business in Wartime

The Institute for Economic Research and Policy Consulting (IER) has released the 48-th monthly enterprise survey “Ukrainian business in wartime” for April 2026.

The goal of the project is to quickly collect information on the current state of the economy at the enterprise level.

The field stage of the 48-th wave lasted from April 20 -30, 2026. The enterprise managers compared the work results in April with March 2026, assessed the indicators at the time of the survey (April 2026), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).

This survey uses a panel sample that includes 500+ enterprises located in 21 of 27 regions of Ukraine, including Vinnytsya, Volyn, Dnipropetrovsk, Zhytomyr, Zakarpattya, Zaporizhzhia, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Odesa, Poltava, Rivne, Sumy, Ternopil, Kharkiv, Khmelnytskyy, Cherkasy, Chernivtsi and Chernihiv regions and the Kyiv city.

Main results of the 48-th monthly enterprise survey:

• In April 2026, Ukraine’s business sector continued to demonstrate operational resilience, although medium-term expectations weakened amid a slower recovery rate and increasing pressure from the labor market and rising prices.
• Long-term uncertainty decreased slightly. At the same time, businesses’ long-term expectations improved, breaking a two-month trend of gradual deterioration.
• Medium-term uncertainty increased for the second consecutive month, both regarding the overall economic environment and the business activity at enterprises. At the same time, six-month business expectations deteriorated significantly after several months of relative stability.
• Year-on-year recovery dynamics weakened considerably following three months of stability. Enterprise performance indicators (month-over-month) increased for the second consecutive month. However, short-term expectations interrupted a three-month upward trend.
• Businesses expect a substantial slowdown in price growth over the next three to four months. At the same time, the significance of rising prices as an obstacle to business activity increased markedly.
• A sharp decline in the number of workers and the number of workers on forced leave is expected over the next three to four months.
• Businesses also reported growing difficulties in finding skilled personnel.
• Labor shortages, work hazards associated with operating during wartime, and rising prices remain the leading obstacles to business activity. According to business assessments, problems related to electricity supply continue to ease.

The research was conducted by the Institute for Economic Research and Policy Consulting (IER).