Business Activity in Ukraine Remained Stable in May, Exporters Face Increasing Uncertainty

In May 2025, the business activity recovery index in Ukraine, according to the Institute of Economic Research, remained at 0.13, indicating a stabilization of business sentiment compared to April. At the same time, analysts point to a rise in concerns among exporters and the emergence of new challenges for entrepreneurs.

This is reported by AgroReview

Exporters Experience the Greatest Uncertainty

According to a survey, 20.7% of exporters cannot predict the dynamics of their exports for the next 3-4 months. This indicates a high level of uncertainty in foreign economic activity, which may affect companies’ planning and investment activities.

“The shortage of personnel is the main obstacle for 63% of businesses. This issue is exacerbated by mobilization and the departure of employees.”

Challenges for Business: Personnel, Security, Raw Materials

• The issue of personnel shortages has become the most acute for 63% of companies, attributed to both mobilization and the departure of workers abroad.
• In second place among obstacles to doing business are security threats and rising prices for raw materials and supplies (both at 47%).
• Power supply disruptions concern only 7% of surveyed enterprises, indicating relative infrastructure resilience.

The share of enterprises planning to reduce their activities in the two-year outlook has also increased to 5%. Meanwhile, 95% of companies either do not expect changes or hope for business growth.

More than half of enterprises (53%) continue to operate at over 75% of their capacity. At the same time, the number of companies that were able to increase production in May has decreased to 19.5%, while the share of those who reduced production volumes has increased to 13.5%.