The Institute for Economic Research and Policy Consulting (IER) has released the 36-th monthly enterprise survey “Ukrainian business in wartime” for April 2025.
The goal of the project is to quickly collect information on the current state of the economy at the enterprise level.
The field stage of the 36-th wave lasted from April 17 – 30, 2025.
The enterprise managers compared the work results in April 2025 with March, assessed the indicators at the time of the survey (April 2025), 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.
The study was conducted by the Institute for Economic Research and Policy Consulting (IER).
Main results of the 36-th monthly enterprise survey:
- In April 2025, Ukrainian businesses stay on course for growth in challenging conditions — despite security and economic challenges. Long-term expectations are improving, while short-term uncertainty is on the rise.
- The economic recovery maintains a steady pace, and production indicators show growth — although risks remain on the horizon.
- Amidst talks of a ceasefire, long-term business expectations have improved, while uncertainty remains largely unchanged. However, uncertainty has begun to increase in the six-month perspective, and expectations, while still optimistic, have deteriorated somewhat.
- The year-on-year recovery rate has not changed after regaining pace last month. Enterprise production indicators maintain an upward trend, and short-term plans remain optimistic, although somewhat lower than a month ago.
- Labor shortages, security, and rising prices remain the main obstacles for business, although the relevance of the latter two issues has somewhat diminished.
