According to a survey conducted among 603 leaders of Ukrainian enterprises, in December 2025, businesses maintained a cautious assessment of economic activity. The main obstacles included the worsening security situation, power outages, rising production costs, damage to production and logistics infrastructure, a shortage of skilled labor, as well as seasonal factors.
This is reported by Finway
Positive Trends in the Consumer Sector and the Impact of Inflation
Despite the existing difficulties, companies noted a number of positive factors that supported economic activity. Among them were stable consumer demand, international financial assistance, an expansion in the supply of food products, and a slowdown in inflation rates, which positively influenced the business environment.
Dynamics of the Expectations Index and the Situation in Specific Sectors
The business activity expectations index in December 2025 was 49.2, which is only slightly below the November figure (49.4) but significantly higher than the level in December 2024 (45.9). This is the highest December figure recorded throughout the survey period.
Trade enterprises exhibited the greatest optimism among all sectors, attributing this to the increase in the supply of food products, a seasonal rise in demand, and a slowdown in inflation. At the same time, the industrial sector has shown cautious assessments of the economic situation for the second consecutive month. The reasons for this remain power outages, rising production costs, and a lack of skilled workers.
However, the National Bank of Ukraine noted that the situation in the Ukrainian labor market has softened.