The National Bank of Ukraine published its August 2026 business survey, showing that companies had guarded expectations for their economic performance. The business activity expectations index fell to 48.3 from 50.1 in July and 49.0 a year earlier, moving below the neutral level of 50. Extensive damage to production, storage and logistics infrastructure, blocked seaports, high fuel prices and skilled labor shortages weighed on sentiment, partly offset by consumer demand, international financing, infrastructure spending, stable energy supply and seasonal factors. Construction was the only sector with positive expectations, although its index declined to 50.7. Services sentiment improved to 49.5, while trade and industry fell to 47.5 and 47.3, respectively. Most sectors expected faster growth in input prices and planned to raise selling prices more quickly. Construction companies intended to add staff, while respondents in all other sectors planned workforce reductions, with the strongest intentions reported by industrial companies.
2026-09-01National Bank of Ukraine
National Bank of Ukraine survey shows business activity expectations falling below neutral to 48.3 in August
The National Bank of Ukraine’s August survey showed the business activity expectations index falling below neutral to 48.3 from 50.1 in July. Construction was the only optimistic sector, while industry recorded the weakest expectations. Most sectors anticipated faster price growth and further workforce reductions.