The Institute for Economic Research and Policy Consulting (IER) has released the 43-th monthly enterprise survey “Ukrainian business in wartime” for November 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 43-th wave lasted from November 19 – 28, 2025. The enterprise managers compared the work results in November 2025 with October, assessed the indicators at the time of the survey (November 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 43–th monthly enterprise survey:
- In November 2025, the recovery slowed, medium-term uncertainty rose sharply, but long-term expectations finally stabilized, which is a positive sign.
- Production increased over the month, although business operating conditions became more difficult: in addition to labor shortages and security risks, power outages caused by Russian shelling returned. Nevertheless, businesses have not lost their optimism.
- Long-term business expectations remained unchanged, and uncertainty over the two-year horizon also did not change significantly after three months of growth.
- Medium-term uncertainty has been rising for the second consecutive month, both regarding enterprises’ business activity and the overall economic environment. At the same time, expectations for the six-month horizon remained broadly stable.
- Year-on-year recovery rates have continued to slow down for the third month in a row.
- Month-on-month performance indicators and short-term expectations improved after deteriorating last month; however, overall expectations are gradually worsening.
- The leading obstacles for businesses remain labor shortages and security concerns.
- At the same time, after a long break, power supply outages have once again returned to the top three constraints.
The research was conducted by the Institute for Economic Research and Policy Consulting (IER) within the framework of the project ” Ukraine’s integration into the EU: a dialogue built on facts” with the support of the International Renaissance Foundation.
The main points from the report can be read at the links:
One in Five Businesses in Ukraine Felt a Positive Effect from the “National Cashback” Program
Business Activity Recovery Index Dropped to Zero
In November 2025, Power Outages Became a Problem for 43% of Enterprises
