Businesses believe in a stable economy, but reduce hiring plans – NBU
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In the second quarter of 2025, Ukrainian businesses maintained positive expectations for economic development despite the war and uncertainty. About this testify the results of the NBU's survey.

The Index of Business Expectations (IBE) equaled 103.1%, which is higher than the neutral level (100%), but lower than in the previous quarter (108.2%).

The survey participants maintained positive assessments of total sales volumes, investment spending on machinery, equipment and inventory, and the financial and economic condition of enterprises.

At the same time, respondents were cautious about future investment spending on construction, and they were more negative about the future number of employees.

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Expected annual inflation for the next 12 months decreased to 10.9% (11.5% in the previous quarter). The majority of respondents (64.6%) forecast the hryvnia exchange rate to be in the range of UAH 42-45 per dollar in a year's time.

According to businesses, the war and the lack of skilled workers remain the biggest challenges. For the third quarter in a row, businesses have been lowering their expectations for hiring staff.

In the second quarter, the balance of responses regarding changes in the number of employees was -4.4% (previously -0.6%).

Respondents also reported a decreased need for loans, while the conditions for obtaining them – although improved – remain difficult due to high interest rates.

The share of companies planning to take out bank loans has dropped to 33.9%, and high interest rates remain the biggest barrier, according to 47.7% of respondents.

Expectations for foreign investment remain positive: 20.2% of companies plan to raise foreign money, most of them in the transportation, energy, and water sectors.