New Monthly Enterprises Survey №47, March 2026

The Institute for Economic Research and Policy Consulting (IER) has released the 47-th monthly enterprise survey “Ukrainian business in wartime” for March 2026. The survey reflects the views of Ukrainian business executives on the current state of their businesses, key challenges, and expectations for the coming months.

Main results of the 47-th monthly enterprise survey:

• Uncertainty over the two-year horizon remained largely unchanged after increasing in February. At the same time, businesses’ long-term expectations continue to gradually deteriorate.
• Medium-term uncertainty interrupted its two-month downward trend and increased both for the overall economic environment and for the business activity at enterprises. Meanwhile, expectations for the six-month horizon remained broadly unchanged.
• Year-on-year recovery rates have remained unchanged for the third consecutive month. Business performance indicators (month compared to the previous month) increased slightly, while short-term expectations have continued to improve for the third month in a row.
• Businesses expect inflation to accelerate over the next three to four months.
• The main obstacles to business development remain labor shortages, “unsafe working conditions,” and rising prices. Power supply disruptions remain in fourth place, with their significance declining substantially.
•  The key barriers to investment in 2025 remain economic uncertainty, risks to company personnel/property, and expensive borrowed capital.