Ukraine Business Confidence

Ukraine's business confidence fell by 1% to 102 points in Q3 2025, the lowest in three quarters. This decline follows 103 points in Q2 2025. Intensified attacks, high reconstruction costs and staff shortages caused the dip. Despite this, businesses expect moderate production growth and increased sales volumes. Energy, water, large enterprises and exporters show the most optimism. Inflation is expected to reach 11.4% annually with the war as the main driver. The UAH is forecast to trade at 44.11 per U.S. dollar. Foreign aid supports prices and exchange rates and inflation eased to 11.9% by September 2025. Ukraine's record low business confidence was 72.6 points in Q2 2022 and record high was 120.6 points in Q1 2018.