This is evidenced by the Business Activity Expectations Index (BAEI), which is calculated monthly by the National Bank. In November 2025, the BAEI stood at 49.4, compared to 50.3 in October 2025, but was higher than in November 2024 (47.2).
Economic activity of enterprises was restrained due to:
- significant losses as a result of increased shelling of critical infrastructure;
- interruptions in electricity supply;
- rising costs of raw materials, fuel, and labor;
- limited logistics capabilities;
- shortage of skilled personnel.
At the same time, the following factors supported business activity:
- high consumer demand;
- budget funding for infrastructure restoration and road construction;
- a gradual slowdown in inflation.
Reference:
The monthly business survey was conducted from November 4 to 21, 2025. A total of 592 enterprises participated in the survey. Among the surveyed enterprises, 43.6% were industrial companies, 25.0% were in the service sector, 25.3% were in trade, and 6.1% were in construction. 30.4% of respondents were large enterprises, 28.7% were medium-sized, and 40.9% were small.
The survey results reflect only the opinions of the respondents—enterprise managers—and not the assessments of the National Bank of Ukraine.
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