The Institute for Economic Research and Policy Consulting (IER) has released the 47-th monthly enterprise survey “Ukrainian business in wartime” for March 2026.
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 47-th wave lasted from March 18 -31, 2026. The enterprise managers compared the work results in March with February 2026, assessed the indicators at the time of the survey (March 2026), 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 47-th monthly enterprise survey:
- In March 2026, the overall economic outlook remains mixed: there is some increase in medium-term uncertainty and a deterioration in long-term expectations, while short-term indicators show improvement
- Uncertainty over the two-year horizon remained largely unchanged after increasing in February. At the same time, businesses’ long-term expectations continue to gradually deteriorate.
- Medium-term uncertainty interrupted its two-month downward trend and increased both for the overall economic environment and for the business activity at enterprises. Meanwhile, expectations for the six-month horizon remained broadly unchanged.
- Year-on-year recovery rates have remained unchanged for the third consecutive month. Business performance indicators (month compared to the previous month) increased slightly, while short-term expectations have continued to improve for the third month in a row.
- Businesses expect inflation to accelerate over the next three to four months.
- The main obstacles to business development remain labor shortages, “unsafe working conditions,” and rising prices. Power supply disruptions remain in fourth place, with their significance declining substantially.
- The key barriers to investment in 2025 remain economic uncertainty, risks to company personnel/property, and expensive borrowed capital.
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:
Business Activity Recovery Index was zero in March — IER survey
Labor Shortage Reached Record 67% in March Since the Start of the War — IER Survey
