New Monthly Enterprises Survey №51, July 2026 (abridged)

The 51st New Monthly Enterprises Survey, conducted by the Institute for Economic Research and Policy Consulting (IER) in July 2026, showed a further gradual improvement in Ukrainian business sentiment. The Business Activity Recovery Index rose for the second consecutive month, although it remains negative. At the same time, businesses remain cautious about the future amid high uncertainty, while intensified Russian attacks on logistics and critical infrastructure pose additional risks to their operations.

Key findings of the survey:

• The Business Activity Recovery Index improved in July, although it remained negative at -0.11.
• Among businesses able to assess their prospects two years ahead, 86.9% do not plan any changes.
• The share of businesses operating at full or near-full capacity increased from 63% to 64%.
• The average order backlog increased from 2.8 to 2.9 months.
• Businesses expect a slight increase in prices over the next 3–4 months.

Overall, the survey results point to a gradual recovery in business activity in Ukraine. However, businesses remain cautious about the future due to high uncertainty, war-related risks, and intensified Russian attacks on logistics and critical infrastructure.