The National Bank of Ukraine published its July business survey, showing companies maintained a positive outlook for a fifth consecutive month, although the Business Activity Expectations Index edged down to 50.1 from 50.4 in June. Sentiment was supported by international financial assistance, consumer demand, infrastructure spending, stable energy supply and improving inflation expectations, while aerial attacks, logistical constraints, weaker exchange rate expectations and skilled labor shortages weighed on activity. Construction remained the most optimistic sector with an index of 54.2, followed by trade at 50.8 and industry at 50.7. Services fell below the neutral level to 48.8 amid rising costs, logistics difficulties and labor shortages. Companies generally expected slower growth in input and selling prices, although services firms anticipated slightly faster selling-price increases. Construction firms planned to add staff, industrial and services companies expected further workforce reductions, and traders anticipated no change. The findings reflect the views of 587 companies surveyed from July 6 through July 23 and do not constitute the National Bank of Ukraine’s assessment. Results for the August survey will be published on the first business day of September 2026.
National Bank of Ukraine2026-08-03
National Bank of Ukraine reports fifth month of positive business outlook, July index slips to 50.1
The National Bank of Ukraine’s survey showed a fifth consecutive month of positive business expectations, with the July index easing to 50.1 from 50.4 in June. Construction, trade and industry remained above the neutral level, while services weakened to 48.8. Labor shortages, logistics constraints and aerial attacks continued to weigh on activity.