Business expectations improved in the first quarter of the year, with more than a third of companies ready to invest.

In the first quarter of 2025, the Business Expectations Index (BEI) for Enterprises rose to 108.2%, up from 101.8% in the fourth quarter of 2024. The NBU noted that hostilities and their consequences are still the most significant factors affecting enterprises’ ability to increase their production volumes. Additionally, the impact of the shortage of qualified workers has surged by 150% over the past two years.

Respondents from 13 regions, representing all types and areas of economic activity, significantly enhanced their assessments of the production volume of goods and services in Ukraine, resulting in a balance of responses at 15.6%, compared to -1.4% in the previous quarter. For the first time in a year, respondents also expressed a positive outlook on changes in their enterprises’ financial and economic development over the next 12 months, with a balance of responses at 4.7% compared to -1.2%.

Moreover, the Business Activity Recovery Index climbed from zero in February to 0.12 in March. In 2024, 45% of businesses in Ukraine made investments, and for 2025, 35% of respondents plan to invest.