The Institute for Economic Research and Policy Consulting (IER) has released the 41-th monthly enterprise survey “Ukrainian business in wartime” for September 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 41-th wave lasted from September 16 -30, 2025. The enterprise managers compared the work results in September 2025 with August, assessed the indicators at the time of the survey (September 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 41-th monthly enterprise survey:
- Business confidence weakened in September 2025 as the rate of recovery slowed and uncertainty (particularly over the longer term) continued to rise amid ongoing problems of labor shortage, security issues, and price increases.
- Longer-term business expectations deteriorated, with two-year uncertainty gradually rising for the second consecutive month.
- Medium-term uncertainty has decreased for both business activity at the enterprise and the overall economic environment. At the same time, expectations for the six months have worsened.
- The year-on-year recovery rate has slowed after two months of stability. Enterprise performance indicators (month-on-month) and short-term expectations have deteriorated.
- Labor shortages, security issues, and rising prices, although with some changes in significance for enterprises, are still among the main obstacles to business.
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.
