The National Bank of Ukraine published its May 2026 business survey showing that the business activity expectations index rose to 52.1 from 51.7 in April and 50.8 a year earlier, remaining above the neutral 50 level for a third consecutive month. Respondents linked the stronger outlook to a stable energy situation, inflows of international financial aid, recovering consumer demand, improved inflation expectations and seasonal factors. Construction remained the most optimistic sector with an index of 55.3, followed by services at 53.1 and industry at 52.4. Trading was the only sector below neutral at 49.6, with firms citing higher fuel prices, exchange rate fluctuations and rising operating costs. Across sectors, companies expected slower growth in input prices and planned to raise selling prices at a slower pace. Labour market conditions remained uneven, with construction and trading firms still planning to hire, while industrial and services firms expected workforce cuts, with the sharpest reductions in industry. The survey covered 587 companies and reflects respondents' views rather than the National Bank of Ukraine's own assessment. The next survey, covering June 2026, will be published on the first business day of July 2026.
National Bank of Ukraine2026-06-01
National Bank of Ukraine reports stronger May business sentiment with BAEI at 52.1 and trading the only sector below neutral
The National Bank of Ukraine reported its May 2026 business activity expectations index rose to 52.1, staying above the neutral 50 level for a third month, supported by a stable energy situation, international aid, recovering consumer demand, improved inflation expectations and seasonal factors. Construction, services and industry remained positive, while trading stayed below neutral amid higher fuel prices, exchange rate fluctuations and rising operating costs, with firms expecting slower growth in input prices and more moderate selling price increases. Labour market expectations were mixed, with construction and trading firms planning to hire and industrial and services firms anticipating workforce cuts.