In May 2025, Ukrainian businesses noted a significant improvement in their assessments of economic activity across all sectors. According to the National Bank of Ukraine, companies expect growth for the first time since May 2024, reflecting a gradual recovery in business activity.
This is reported by Finway
Dynamics of the Business Activity Index
The business activity expectations index in May 2025 stood at 50.8, exceeding the April figure of 49.4 and the value for the same period last year (48). This indicates a return of optimism among entrepreneurs, who positively evaluated the results of their activities.
“For the first time since May 2024, businesses in all sectors expected growth.”
Influencing Factors and Sector Results
Several key factors contributed to the formation of positive expectations: active consumer demand, a stable situation in the energy sector, the influx of international financial aid, as well as seasonal factors. At the same time, a number of risks remain: increased shelling of critical infrastructure, currency and inflation expectations, as well as a shortage of qualified personnel hinder growth.
By sector, the business activity indices in May 2025 were as follows:
- trade – 50.3 (in April – 51.2, in May 2024 – 47.7);
- construction – 51.5 (47.3 and 49.8 respectively);
- industry – 51.1 (51.8 and 48.8);
- services – 50.9 (46.3 and 47.2).
Thus, positive shifts were recorded in all major sectors, reflecting an overall improvement in economic sentiment among Ukrainian businesses in May 2025.