New Monthly Enterprises Survey №53, September 2026 (abridged)

The 53-rd New Monthly Enterprises Survey, conducted by the Institute for Economic Research and Policy Consulting (IER) in September 2026, showed a deterioration in business activity in Ukraine. Intensified Russian attacks on civilian infrastructure heightened security risks, while businesses faced declining production and growing uncertainty about the future.

Key findings of the survey:

• The Business Activity Recovery Index fell to -0.21 in September.
• The share of enterprises operating at or near full capacity dropped from 61% to 52%.
• The share of enterprises not planning significant changes over the next two years decreased to 85.1%.
• The average order book stood at 2.7 months, up from 2.6 months in August.
• Lost working time was the most commonly reported negative impact of air raid alerts, cited by 58.7% of respondents.
• Labour shortages remained the main obstacle to business activity, cited by 67% of enterprises in September.
• The share of enterprises citing safety concerns as an obstacle to doing business rose to 59%, the second-highest level since May 2022.
• Rising prices for raw materials and goods were a concern for fewer than half of businesses.
• 52% of enterprises viewed the government as a “regulator”, while 20% saw it as an “obstacle”.