KYIV, June 2 – The Business Expectations Index (BEI), which is calculated by the National Bank of Ukraine (NBU) on a scale from zero to 100, increased by 1.4 points in May, to 50.8, which is 2.8 points higher than the level of May 2024 (48.0), the regulator said on its website.

"Lively consumer demand, a stable situation in the energy sector, the receipt of international financial assistance, as well as the seasonal factor influenced the optimistic expectations of enterprises in all sectors of the economy. At the same time, the increasing shelling of critically important facilities, exchange rate and inflation expectations, as well as the shortage of qualified personnel remained restraining factors," the National Bank commented on the results.

According to the survey results, construction demonstrated the highest assessment of the level of business activity, 51.5 points, which is 4.3 points more than in April 2025. The indicator is also 1.7 points higher than in May 2024.

The regulator explains this by stable domestic demand and seasonality of construction: construction company managers were the only ones among other sectors to continue to expect an increase in the total number of employees some 51.7 points, although in April the indicator was at 51.9 points.

"Builders are set for a further increase in prices for products (services) of their own production, despite the expected slowdown in the growth rate of purchase prices," the NBU said.

In industry, compared to April, the index fell by 0.7 points, to 51.1 points, while in May 2024 it was 48.8 points.

"Lively consumer sentiment and a stable situation in the energy sector contributed to a stable positive assessment of the business activity of industrial enterprises for the fourth consecutive month," the regulator said.

Enterprises in the sector continued to demonstrate intentions to reduce the volume of work in progress and stocks of raw materials and materials: the corresponding indices were 47.3 points and 48.3 points (some 47.2 points and 48.3 points in April).

Estimates of the balance of finished goods remain pessimistic: the index is 52.5 points against 53.2 points in April, and the assessment of the total number of employees was the most restrained among other respondents some 47.3 points (47.2 points in April).

For the first time since May 2024, service enterprises optimistically assessed the results of their current activities 50.9 points, while in April BEI was 46.3 points.

The NBU explains this result by the adjustment of logistics chains, as well as the revival of demand.

"Estimates regarding the total number of employees still remained pessimistic: BEI some 48.0 points (in April some 47.9)," the regulator said. (om/ez)