The Institute for Economic Research and Policy Consulting (IER) has released the 37-th monthly enterprise survey “Ukrainian business in wartime” for May 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 37-th wave lasted from May 20 – 30, 2025.
The enterprise managers compared the work results in May 2025 with April, assessed the indicators at the time of the survey (May 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 37-th monthly enterprise survey:
- Despite stable expectations and a slight decrease in uncertainty, business production indicators have deteriorated.
- The main challenges are labor shortages, security, and prices. Long-term business expectations have deteriorated, while uncertainty, although insignificant, has decreased. In the six months, uncertainty has also decreased somewhat; expectations remain optimistic and have not changed significantly.
- The year-to-year recovery rate has not changed significantly for the third month.
- Enterprise production indicators have deteriorated significantly after growing in April, returning to March indicators, while expectations remain unchanged.
- The labor shortage, security, and rising prices, although with some changes in the percentage distribution, remain the main obstacles to business.
