New Monthly Enterprises Survey №46, February 2026

he Institute for Economic Research and Policy Consulting (IER) has released the 46-th monthly enterprise survey “Ukrainian business in wartime” for February 2026.

The field stage of the 46-th wave lasted from February 18 -27, 2026. The enterprise managers compared the work results in February with January 2026, assessed the indicators at the time of the survey (February 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 46-th monthly enterprise survey:

• In February 2026, long-term business expectations remain largely unchanged. At the same time, uncertainty over a two-year horizon has risen again following a sharp decline in January.
• Medium-term uncertainty has been decreasing for the second consecutive month, both for the overall economic environment and for the business activity at enterprises.
• Meanwhile, expectations for the six-month horizon remain unchanged.
• Year-on-year recovery rates show no significant changes after last month’s deterioration. Enterprise performance indicators (month-over-month) have worsened for the second consecutive month, while short-term expectations continue to show a trend toward improvement.
• The main obstacles to business development remain labor shortages and unsafe working conditions, and rising prices have returned to the top three constraints, displacing power supply disruptions.