Business Activity Analysis in Ukraine: April 2025
In April 2025, the business expectations index stood at 49.4, down from 51.8 in March 2025 (compared to 52.3 in April 2024).
This was reported by the press service of the National Bank of Ukraine.
Key negative factors included severe weather deterioration, ongoing uncertainty regarding military actions, rising costs for raw materials and wages, accelerating inflation, depreciation of the hryvnia against the euro, and a shortage of skilled labor.
Positive drivers comprised steady consumer demand, incoming international financial aid, and an unexpectedly better situation in the energy sector.
Industrial enterprises maintained the most optimistic outlook among all sectors thanks to stable consumer demand, increased production, and improved logistics: the sector index in April was 51.8 compared to 53.1 in March 2025 (51.7 in April 2024).
Trade enterprises also rated their current performance positively due to adequate product supply and stable domestic demand: the sector index in April was 51.2 (54 in March 2025, 51.8 in April 2024).
Construction firms cautiously assessed their current economic outcomes, considering the significant worsening of weather conditions: the sector index in April was 47.3 compared to 52.9 in March 2025 (53.4 in April 2024).
Service sector businesses tempered their expectations, maintaining the most reserved evaluations among all sectors due to high security risks and a shortage of skilled labor: the sector index stood at 46.3 in April (48.8 in March 2025, 53.1 in April 2024).
