The National Bank of Ukraine published its October 2025 Business Outlook Survey, showing that businesses continued to report a positive performance outlook despite intensifying wartime disruptions. The business activity expectations index (BAEI) stood at 50.3 in October, marginally down from 50.4 in September 2025 but above October 2024 (49.4), with respondents citing international financial assistance, robust consumer demand, budgetary infrastructure spending, decelerating inflation and a stable foreign exchange market as key supports. Sector results were mixed. Trading companies remained the most optimistic (54.3), with expectations of higher turnover and purchases for resale, while construction firms also improved (53.3) on infrastructure restoration and road construction spending, housing construction and seasonal factors. Industrial (48.8) and services (48.7) stayed below neutral, reflecting destruction of facilities and infrastructure, power cuts, higher logistics and input costs, and continued labour shortages. Firms generally expected to raise selling prices, and labour market conditions were described as slightly improved: construction and trade planned workforce expansion, while industry and services still intended to reduce headcount. The survey covered 593 companies and was conducted from 6 October to 23 October 2025. The next (November 2025) survey results are scheduled for publication on the first business day of December 2025.

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