Business expectations have returned to pre-war levels due to the energy system’s stabilization and improved consumer sentiment.

According to the expectations index of business activity by the National Bank, enterprises in all sectors involved in the survey more optimistically assessed the results and prospects of their activities. In March 2023, the index increased to 49.5 from 45 in February and almost reached a neutral level, the highest value since December 2021.

Retail enterprises provided the most optimistic assessments of their results and prospects for their activities in consideration of the revival of consumer sentiment, improvement in the energy supply situation, and an increase in the supply of goods. These businesses significantly improved their turnover expectations and purchase volumes of goods for sale.

For the first time since February 2022, businesses expected growth in their financial results compared to the previous month. This was particularly true for the anticipated increase in the volume of manufactured products and new orders for products, including export orders.

Considering the seasonal factor, construction enterprises also significantly softened their pessimistic estimates.