The Institute for Economic Research and Policy Consulting (IER) has released the 40-th monthly enterprise survey “Ukrainian business in wartime” for August 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 40-th wave lasted from August 19 – 29, 2025. The enterprise managers compared the work results in August 2025 with July, assessed the indicators at the time of the survey (August 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.
Main results of the 40-th monthly enterprise survey:
- Ukrainian businesses face increasing long-term uncertainty, despite improving short- and medium-term expectations and a moderate acceleration of the recovery, while structural barriers — labor shortages, security risks, and rising prices — remain significant.
- In August 2025, long-term business expectations remained unchanged, while uncertainty increased significantly again after declining last month.
- Medium-term uncertainty increased for the business activity at the enterprise and remained unchanged for the third consecutive month for the overall economic environment in the country.
- At the same time, expectations for the six months have improved significantly.
- The year-on-year rate of recovery has improved after declining for two consecutive months.
- Business performance (month-on-month) has improved slightly (for most indicators), and short-term expectations have increased significantly.
- Labor shortages, security issues, and rising prices, although with some changes in significance for businesses, remain the main obstacles for businesses.
- The main business expectation in August 2025 was the end of the war. Its importance has increased slightly compared to January 2025.
The study was conducted by the Institute for Economic Research and Policy Consulting (IER).
The main points from the report can be read at the link.
