National Bank of Ukraine survey shows April business sentiment remained positive for second month with index at 51.7

The National Bank of Ukraine published its April 2026 business survey showing that companies maintained a positive outlook on economic activity for a second straight month, although sentiment eased from March. The composite business activity expectations index was 51.7, down from 52.7 in March but up from 49.4 a year earlier. Support came from international financial assistance, recovering consumer demand, budget spending on infrastructure restoration and road construction, and seasonal factors, while higher fuel prices and business costs, damaged production and logistics facilities, elevated exchange rate and inflation expectations, and shortages of skilled labour weighed on activity. Construction remained the most optimistic sector at 55.6, followed by services at 52.0, industry at 51.5, and trade at 50.8, with traders reporting a marked moderation as fuel prices and costs rose. Construction firms expected increases in output, new orders, raw material purchases, and contractor services purchases despite rising contractor costs and lower contractor availability. Industrial respondents still expected growth in production and domestic and export orders at a slightly slower pace, services firms anticipated further gains in activity and new orders, and traders were less confident on turnover and purchases, expected lower inventories, and signalled firmer intentions to cut trade margins. Most sectors intended to raise selling prices further as purchase prices and raw material costs accelerated, while labour market conditions improved slightly, with construction and trading firms more positive on staffing than industrial and services firms. The survey was conducted from 2 April to 22 April 2026 among 585 companies. Results for the May 2026 survey are due on the first business day of June 2026.