Economic trends from a business point of view (May 2024)

Oksana Kuziakiv, Executive Director at the IER
Yevhen Anhel, Senior Research Fellow at the IER
Iryna Fedets, Senior Research Fellow at the IER
Anastasia Gulik, Research Fellow at the IER
Kyiv, June 13, 2024
“Amidst Tempered Optimism”
Main economic trends in May 2024
based on the results of the New Rapid Enterprises Survey, #NRES

ABOUT THE NEW RAPID ENTERPRISES SURVEY
Monthly survey
SAMPLE: 534
enterprises
were surveyed
in May
Enterprises of
all sizes
Geography: 21
out of 27 regions
of Ukraine
Sectors: Industry +
(Retail, Agro)
25 surveys have
already been
conducted (since
May 2022)
The recent data were
collected on May 20 – 31,
2024
New Monthly Enterprises Survey, #25, (05/2024) 2

Main result
Against the background of reduced uncertainty in the
long-term perspective and optimistic plans for the six-
month period, the plans for the two-year perspective
nevertheless worsened. Security and labor shortages are
major barriers to doing business

“It is dangerous
to work”
remains at the
top impediment
of the list
34%
30%
27%
26%
18%
33%
46%
47%
39%40%
31%
25%
32%
31%
33%33%
40%
32%
38%
53%
46%
45%
46%
55%
56%
0%
10%
20%
30%
40%
50%
60%
May
22
Jun
22
Jul
22
Aug
22
Sep
22
Oct
22
Nov
22
Dec
22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
"It is dangerous to work", % of respondents

The importance of
“lack of personnel”
as an impediment
has increased
(moved from 3rd to
2nd place in the List)
39%
34%34%
13%
15%
16%16%
19%
22%
26%
30%
31%
29%
37%38%
35%
37%
32%
35%
46%
41%
46%
50%
43%
49%
0%
10%
20%
30%
40%
50%
60%
May
22
Jun
22
Jul
22
Aug
22
Sep
22
Oct
22
Nov
22
Dec
22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Lack of personnel due to conscription and/or migration,
% of respondents

Main results 1
The Business Activity Recovery
Index (BARI) increased from 0.33 to
0.40
% of enterprises operating at full
capacity increased
For the third month in a row, the
Industrial Confidence Indicator (ICI)
remained unchanged, is 0.14 (was
0.15)

The Business Activity Recovery
Index (BARI)* has increased
In May 2024, compared to April, the Business Activity
Recovery Index (BARI) increased from 0.33 to 0.40 (on a
scale from -1 to +1)
This was due to changes in % better/worse responses:
• % of companies, reported that their business activity is
better than last year increased significantly, from
45.3% in April to 55.4% in May
• % of companies reported that their business activity is
worse, compared to last year, also increased, but less
significantly, from 12.0% to 15.1%
At the same time:
• The share of those for whom nothing has changed
decreased from 42.7% to 29.4%
BUT there are significant differences depending on the size
of enterprises
• The BARI value has remains unchanged for several
months in a row and is the lowest (with a negative
value) for micro-enterprises
• The indicator increased for large and medium-sized
enterprises and did not change significantly for small
enterprises
*BARI is based on question when managers make a comparison of “how it is now” vs. “how it was a year ago
-1,00
-0,80
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
BARI
(Balance between better/worse
assessments comparing to the
previous year)
-1,00
-0,80
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
0,80
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
BARI (by size)
Micro Small Medium Large

Results improved compared to the
previous month:
• The share of enterprises
operating at 100% capacity
increased from 13% in April to
18% in May 2024
• The share of enterprises
operating at almost full capacity
in May is lower (39%) than in
April (45%)
• % of enterprises that do not
operate at all have not
exceeded 2% for several months
in a row
“Now” vs. “before February 24”: Capacity utilization has
increased
10 8
4 3 2 2 2 3 3 4 4 3 2 3 3 2 2 2 1 2 2 2 2 2 2
17
14
12
7 6 6 7 5 5 4 4 2 2 1 1 2 2 1 2 2 2 2 2 2 3
16
17
16
14 13 16 18 16 16 18 14
14
11 10 12 11 12 12 10 11 11 10 11 13 12
26
19
23
33
30
33 27 30 29 25
26
24 27
24 24 28 29 25 28 26 27 28 26 25 26
17
30 36
36
41
36 43 44 43 44 47
50 49 53 52 50 48
49 45 47 46 43 43 45 39
15 12 10 8 8 8 4 6 5 8 8 9 7 7 8 10 13 12 13 15 14 13
18
0
10
20
30
40
50
60
70
80
90
100
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
% of capacity utilization compared to "before February 24, 2022", % of respondents
0% capacity utilzation up to 25% 25%-49% 50%-74% 75%-99% 100% capacity utilization

Industrial Confidence Indicator (ICI)*
The ICI remains unchanged for the third month in
a row and is 0.14 in May (was 0.15 in March and
April)
In May 2024, compared to April, the fluctuations in
the components of the ICI are the following:
• Production expectations (PE) decreased from
0.51 to 0.47
• The component Stocks of finished goods (SFG)
increased slightly (from -0.01 in April to 0.02 in
May)
• Component Volumes of New Orders (VNO)
increased slightly (from -0.07 to -0.05)
*ICI= PE+VNO+(-SFG)/3
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
0,50
MAY.22
J
UN.22
J
UL.22
AUG.22
S
E
P.22
OC
T.22
NOV.22
D
EC
.22
JA
N.23
F
E
B
.23
M
A
R
.23
A
PR
.23
MAY.23
J
UN.23
J
UL.23
AUG.23
S
E
P.23
OC
T.23
NOV.23
D
EC
.23
JA
N.24
F
E
B
.24
M
A
R
.24
A
PR
.24
MAY.24

Main results 2. Uncertainty
Uncertainty in the 6-month
perspective for the business activity at
the enterprise and the overall
economic environment has decreased
Uncertainty in the 3-month period has
not changed significantly for
production indicators
Uncertainty in the 2-year perspective has
significantly decreased and again shows the
lowest indicators for the entire period of the
survey

Uncertainty in the six-month perspective has decreased and without
significant changes in the three-month perspective
Half-year horizon Three-month horizon
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
Export Production Sales Number of
workers
New orders
% that no answer about 3 months changes on...
May.22 Jun.22 Jul.22 Aug.22 Sep.22 Oct.22 Nov.22 Dec.22 Jan.23
Feb.23 Mar.23 Apr.23 May.23 Jun.23 Jul.23 Aug.23 Sep.23 Oct.23
Nov.23 Dec.23 Jan.24 Feb.24 Mar.24 Apr.24 May.24
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
% that no answer the questions about 6 months changes on...
No answer on business activity at the enterprise in six month
No answer on overall economic environment in six month

Uncertainty in the long-term perspective lowered again
Uncertainty in the two-year perspective
"“It is hard to predict what will be with the activities of our
enterprise in 2 years“, % of answers
% of companies that have no idea about their plans for 2 years
decreased significantly (from 38% to 31%), which again became the
lowest figure for the entire survey period
42,3
54,2
51,9
56 57,4 56 57,7 56,5
60,8
55,0
56,4
56,0
56,7
51,9
51,8
48,7
50,6
39,4 38,2
30,9
0
10
20
30
40
50
60
70
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24

Main results 3. Medium-term expectations are improving,
long-term perspectives deteriorate
Expectations in the two-year
perspective have deteriorated
6-month expectations for the
business activity at the enterprises
are growing, but for the overall
economic environment have not
changed significantly

Long-term expectations have deteriorated
Expectations in the two-year perspective
Index of expected changes in business activity
• The index of expected changes in the 2-year perspective
decreased significantly in May, from 0.16 to 0.09
• Scale from -1 (bad) to +1 (good)
• In May, compared to April, the % of companies planning to
extend their activities decreased from 18% to 14%
• At the same time, the % of those who plan to lower their
activities increased slightly from 2% to 5%
37,5
31,6 30,4 31,6 29,8 28,2 29,7
24,4 23,1 25,9 23,1 25,1 25,3 24,2
19,1 21,6 23,4
17,5 18,1 14,2
56,3
56,7 60,4 60,8 64,6 66,1 63,4 71,4 74,0 68,2 69,2 69,0 68,8 69,1
71,8
73,9 69,8 79,6 79,6
80,8
6,3
11,6 9,3 7,5 5,6 5,7 6,9 4,1 2,9 6,0 7,7 5,9 5,9 6,7 9,1 4,6 6,8 2,8 2,3 5,0
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
Тра.24
Yes, I'm planning to extend Planning to stay at the current level Planning to lower activity
0,31
0,20
0,21
0,24 0,24
0,23 0,23
0,20 0,20 0,20
0,15
0,19 0,19
0,17
0,10
0,17 0,17
0,15
0,16
0,09
OCT.22
NOV.22
DEC.22
JAN.23
FEB.23
MAR.23
APR.23
MAY.23
JUN.23
JUL.23
AUG.23
SEP.23
OCT.23
NOV.23
DEC.23
JAN.24
FEB.24
MAR.24
APR.24
MAY.24

6-month perspective: optimism remains high
Business activity at the enterprise Overall economic environment in the
country
0,07
0,15
0,12
0,03
0,11
-0,09
-0,18
0,01
0,15
0,34
0,48 0,46
0,43
0,46
0,40
0,37
0,39
0,33
0,31 0,31
0,36
0,36
0,45
0,49
0,54
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
0,50
0,60
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Business activity at the enterprise Expected business activity at the enterprise
0,01
0,16
0,09
0,01
0,12
-0,12
-0,23
0,01
0,11
0,30
0,50
0,43 0,43
0,41
0,38
0,38
0,38
0,33
0,31
0,30
0,34
0,32
0,45
0,51 0,52
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Current overall economic environment Expected overall economic environment

Main results 4: Results and expectations
The results of the work (month vs
the previous one) have
deteriorated a bit
Production expectations for the 3-
month perspective are high,
despite gradual slowing down
The downward trend in the
number of employees continues,
and difficulties in finding workers
are increasing
The export results and
expectations in the three-month
perspective without significant
changes

Production: positive trends remains
despite a slight slowdown
Expectations for 3 months
• % of companies planning production growth in the
next 3-4 months decreased slightly, from 50.5% to
47.6%
• % of companies expecting a decrease in production
volumes did not change significantly (3.4% in April
and 4.0% in May)
The index of expected changes in production decreased
slightly, from 0.51 to 0.47
Production, balance indicators
Past performance (May to April)
• % of companies that increased production decreased
slightly (from 32.6% to 29.6% in May)
• % of companies that reduced production volumes
slightly increased from 10.7% to 13.7%
The index of change decreased from 0.26 to 0.21
-0,55
-0,30
-0,12
-0,09
0,05
-0,03
-0,13 -0,14
-0,04 -0,06
0,18
0,24
0,20
0,20
0,13
0,18
0,21
0,18 0,17
0,21
0,05
0,11
0,16
0,26 0,21
0,12
0,22 0,24
0,20
0,32
0,17
0,04
0,23
0,33
0,47
0,58
0,45
0,47
0,44
0,43 0,46
0,41
0,36
0,36
0,35
0,36
0,42
0,53
0,51
0,47
-0,80
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
0,80
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Production Production exp.

Export: results and expectations
without significant changes
• % of companies reporting about export growth
increased (from 21.2% in April to 24.5% in May)
• % of companies reporting about decrease in export
also increased (from 13.2% to 17%)
The index of change is 0.13 (was 0.12 in April)
Export, balance indicators
• % of companies expecting export growth almost
unchanged (42.9% in April and 41.5% in May)
• % of companies that plan to reduce exports also
without significant changes (4.4% in April and 5.3%
in May)
The index of expected changes in export decreased
slightly, from 0.43 to 0.41
-0,42
-0,48
-0,31
-0,24
-0,21 -0,15
-0,18
-0,11
-0,08
-0,09
0,09
0,11
0,06
0,06
-0,01
0,08
0,06
0,08
0,09 0,13
-0,11
-0,08
0,04
0,12
0,13
0,07
0,11
0,14
0,12
0,22
0,13
0,00
0,23
0,24
0,33
0,49
0,37
0,37 0,33
0,37 0,38
0,29
0,29
0,30
0,27
0,27
0,28
0,45 0,43
0,41
-0,60
-0,40
-0,20
0,00
0,20
0,40
0,60
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep,23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Export Export exp.

Purchase price: growth slowed
down
• % of companies reporting about increasing of purchase
price decreased (from 23.2% in April to 19.4% in May)
• % of companies for whom purchase prices lowered
remain unchanged (2.7% in April and 1.5% in May)
• % for whom nothing has changed increased from
74.1% to 79.1%
The index of changes in purchase prices did not change
significantly and is 0.18 (was 0.19)
Purchase price, balance indicators
• % of companies expecting increasing of purchase price
increases (from 18.9% to 13.2%)
• % of companies expecting purchase prices to decrease
almost unchanged (2.3% in April and 1.7% in May)
• % for whom nothing has changed increased from
78.8% to 85.1%
The index of expected changes in purchase prices for raw
materials decreased from 0.18 to 0.11
0,44
0,36
0,27
0,44
0,34
0,31
0,29
0,19 0,18
0,16
0,19
0,16
0,22
0,20
0,16 0,15
0,18
0,11
0,00
0,05
0,10
0,15
0,20
0,25
0,30
0,35
0,40
0,45
0,50
Sep.23 Oct.23 Nov.23 Dec.23 Jan.24 Feb.24 Mar.24 Apr.24 May.24 Jun.24
Purchase price Purchase price exp.

Domestic sales price: growth
slowed down
• % of companies reporting about increasing in
domestic sales prices decreased from 22.1% in April
to 17.9% in May
• % of companies for whom domestic sales prices
decreased did not change significantly (2.5% in April
and 2.1% in May)
• % for whom nothing has change increased from
75.5% to 80.0%
The index of changes decreased slightly from 0.19 to
0.16
Domestic sales price, balance indicators
• % of companies expecting increasing of domestic
sales price decreased (from 18.1% to 13.1%)
• % of companies expecting domestic sales prices to
decrease remained unchanged at 2.3% (was 2.5%)
• % who says that nothing has change increased
79.4% to 84.4%
The index of expected changes in domestic sales price
decreased from 0.17 to 0.11
0,38
0,27
0,25
0,40
0,30
0,28
0,27
0,19
0,16
0,18
0,13
0,15
0,20 0,20
0,16
0,14
0,17
0,11
0,00
0,05
0,10
0,15
0,20
0,25
0,30
0,35
0,40
0,45
сен.23 окт.23 ноя.23 дек.23 янв.24 фев.24 мар.24 апр.24 май.24 июн.24
Ціни на готову продукцію Очікувані зміни цін на готову продукцію

Employment: continues the trend to reduction of number of workers
Number of workers Number of workers on forced leave
• % of companies planning employment growth in the next 3-4 months
does not change significantly (3.4% in April and 3.0% in May)
• % of companies intending to reduce the number of employees increased
from 10.2% to 12.5%
• % of companies that do not expect changes in employment decreased
from 86.4% to 84.5%
Index of expected changes decreased from -0.09 to -0.11
• % of companies planning to increase the number of employees on
forced leave, almost unchanged (1.2% in April and 0.7% in May)
• % of companies planning to reduce employees on forced leave
decreased slightly (from 26.1% to 24.8%)
• % that do not expect changes increased from 72.7% to 74.5%
Index of expected changes is -0.24 (was -0.25)
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov,22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Number of workers Number of workers exp.
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Jun.24
Workers on forced leave Workers on forced leave exp.

Problems with finding skilled workers are growing
Problems with finding workers
In April, difficulties in finding skilled workers
increased again
Skilled workers:
• % of those who reported that such workers are
more difficult to find decreased slightly (from
43.0% in April to 41.1% in May).
• Only 1.7% of respondents says that skilled
workers have become easier to find (5.2% in April)
Unskilled workers:
• % of those for whom is more difficult to find them
increased slightly (from 36.6% in April to 38.9% in
May)
• % of those who reported that they were easy to
find remained unchanged (3.5% in April and 4.7%
in May)
0,24
0,18
0,06
0,09
0,17
0,11 0,12
0,19
0,26
0,14
0,25
0,21
0,23
0,27
0,23
0,24 0,24
0,24
0,29
0,310,31
0,33
0,37
0,41
-0,01
-0,06
-0,07
-0,07
0,09
0,02
0,05
0,06
0,14
0,06
0,11 0,11
0,170,16
0,14
0,12 0,13
0,18
0,220,23 0,22
0,28
0,36
0,37
-0,10
0,00
0,10
0,20
0,30
0,40
0,50
Jun.22
Jul.22
Aug.22
Sep.22
Oct.22
Nov.22
Dec.22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.24
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Skilled workers Unskilled workers

Main results 5: Impediments, economic policy
“It is dangerous to work” remains at 1st
place in the list of impediments (56%)
“Lack of personnel" has moved "rising
prices” down in the top three
impediments to doing business
Uncertainty in the Government's
economic policy assessments has
increased

The main impediments to doing business in wartime, % respondents
In May 2024, the list of the top three remains
unchanged, although with slightly changed
priorities
• The “it is dangerous to work” impediment has
not changed in value (56% vs 55%) and remains
at the 1st place in the list
• The impediment “rising prices for raw materials
and goods” decreased in value (from 51% to
46%) and lowered from 2nd to 3rd place
• “Lack of personnel” increased in value from 43%
to 49% and rose from the 3rd to the 2nd place
• “Interruptions of electricity” again significantly
increased in value, increasing from 21% to 41%;
this impediment rose from the 7th to the 4th
place
• Corruption and pressure from law enforcement
agencies are still not significant problems

“It is dangerous to work” in different dimensions
New Monthly Enterprises Survey, #25, (05/2024)
"It is dangerous to work" by oblast, % of respondents
• % of companies that chose “it is dangerous to work"
did not change significantly for micro businesses,
decreased for large, and slightly increased for small
and medium-sized enterprises
• 80+% of respondents in Kharkivska, Kyivska,
Zaporizska, Zakarpattia, Cherkaska and
Dnipropetrovska regions consider dangerous
conditions to do business
25
0%
20%
40%
60%
80%
up to 10 11--50 51-250 250+
"It is dangerous to work" by the size groups, %
respondents
Mar.24 Apr.24 May.24

"Rising prices" closes the top three obstacles to doing
business
• The share of enterprises for whom
"rising prices for raw materials" is an
obstacle decreased from 51% to 46%
• In the list of obstacles, "price
increasing" moved from 2nd to 3rd
place
55%
57%
62%
58%
63%
70%
68%
71%
69%68%68%68%
59%
63%
52%
57%
46%48%
41%43%
46%
49%
53%51%
46%
0%
10%
20%
30%
40%
50%
60%
70%
80%
May
22
Jun
22
Jul
22
Aug
22
Sep
22
Oct
22
Nov
22
Dec
22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Rising prices for raw materials/goods, % of respondents

Problems with electricity increased again
• The share of enterprises reporting
about interruptions with electricity
increased from 21% in April to 41% in
May
• In the list of obstacles, “interruptions
with electricity" rose from 7th to 4th
place
12%12%11%
5% 4%
51%
78%80%79%
68%
46%
29%
32%
37%
32%34%32%
28%28%30%
26%24%
40%
21%
41%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
May
22
Jun
22
Jul
22
Aug
22
Sep
22
Oct
22
Nov
22
Dec
22
Jan.23
Feb.23
Mar.23
Apr.23
May.23
Jun.23
Jul.23
Aug.23
Sep.23
Oct.23
Nov.23
Dec.23
Jan.24
Feb.24
Mar.24
Apr.24
May.24
Interruptions with electricity as impediment for doing bussiness, % of
repondents

Uncertainty in the Government's economic policy
assessments has increased
• The share of positive assessments of the Government’s business support policy is 7% and has not
changed significantly for almost a year
• The share of neutral assessments of the Government's business support policy decreased from 58%
to 54% in May
• The share of negative assessments has not changed and is 20%, the same as in April
• The share of those who have not decided on the answer increased from 14% to 19% in May

New monthly enterprise survey. Methodology
The need for comprehensive information on the economic situation is crucial for economic policy in wartime. The Institute for Economic Research and
Policy Consulting conducts a monthly enterprise survey using the Business Tendency Survey approach to quickly collect information on the current
economic state at the enterprise level. The methodology is designed to assess the situation from the “base level”: the judgments and expectations of key
economic agents such as entrepreneurs and business managers.
The monthly survey consists of two parts: the regular one and the special one. Respondents will regularly answer questions on the changes in key activity
indicators and short-term forecasts for future changes in the same indicators: output (production), sales, exports, debt, new orders, employment, etc. We
will also focus on estimates and expectations of the changes in the business climate and business activity at the enterprise in the next six months.
The special part of the Monthly survey provides information on specific topics. A special part examines the enterprises' problems, the war's impact on
production volumes, export activity, basic business needs, and the assessment of government policy.
This survey uses a panel sample that includes 500+ enterprises located in 21 of 27 regions of Ukraine, including Vinnytsya, Volyn, Dnipropetrovsk,
Zhytomyr, Zakarpattya, Zaporizhzhia, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Odesa, Poltava, Rivne, Sumy, Ternopil, Kharkiv, Khmelnytskyy, Cherkasy,
Chernivtsi and Chernihiv regions and the Kyiv city.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. The enterprise managers compared the work results in May 2024 with April,
assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In
certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
The research was made possible due to changes of the project "For Fair and Transparent Customs," which was funded by the European Union and co-
funded by the International Renaissance Foundation and the ATLAS Network charitable foundation (USA). This took place under the auspices of this project
from May 2022 to December 2023. From January to April 2024, the research was conducted within the framework of the project "Emergency Support to
Civil Society and Media in Response to the War in Ukraine," which was implemented with the financial support of the European Union.

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30
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