Monthly_survey_№5.pdf

Business Survey / For Fair and Transparent Customs New Monthly Enterprises Survey. September 2022
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Project implementation:
Institute for Economic Research and Policy
Consulting
Financial support:
The project is implemented with the financial
support of the European Union
International Renaissance Foundation
Atlas Network
Authors of the report:
Oksana Kuziakiv, Executive Director at the Institute for Economic Research and Policy Consulting, Project Manager
for the project “Support for the Public Initiative “For Fair and Transparent Customs”
Yevhen Anhel, Senior Research Fellow at the Institute for Economic Research and Policy Consulting
Anastasia Gulik, Junior Research Fellow at the Institute for Economic Research and Policy Consulting
Iryna Fedets, Senior Research Fellow at the Institute for Economic Research and Policy Consulting
The publication was prepared as part of the project "For Fair and Transparent Customs", funded by the European Union and
co-financed by the International Renaissance Foundation, and the ATLAS Network (USA). Its content is the responsibility of
the Institute for Economic Research and Policy Consulting and does not necessarily represent the position of the European
Union, the Renaissance Foundation, or the ATLAS Network.
INSTITUTE FOR ECONOMIC RESEARCH AND POLICY CONSULTING
Reytarska 8/5-А, 01054 Kyiv, Ukraine
tel.: +38(044) 278-63-42; +38 (044) 278-63-60; fax: +38(044) 278-63-36
institute@ier.kyiv.ua
www.ier.com.ua
Facebook IER
Facebook “For Fair and Transparent Customs”
Telegram channel “Fair Customs”

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ABOUT THE NEW MONTHLY SURVEY “UKRAINIAN BUSINESS IN WARTIME”
Dear ladies and gentlemen, we present you with the fifth issue of the business managers’ monthly survey
“Ukrainian Business in Wartime”.
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. This entails the dynamics of 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. This part of the survey applies the business tendency
survey methodology, harmonized according to the Joint Harmonized EU Program of Business and Consumer
Surveys (BCS) requirements. Where applicable, we will use comparisons with the data from the quarterly business
survey “Business Opinion” that have been conducted since 1998.
The special part of the monthly enterprise survey is devoted to the war's impact on the production activity of
enterprises and exports and the assessment of government policy on business support. The industry dimension
in data analysis is used in the issue for the third time.
The monthly survey of business managers is a part of a change in the activities of the project “For Fair and
Transparent Customs”, funded by the European Union and co-financed by the International Renaissance
Foundation, and the ATLAS Network (USA). Monthly trends will be presented in reports such as this one. Quarterly
trends will continue to be published in the “Business Survey: Industry” reports, which have been published by the
IER since July 2002.
We are grateful to the analytical system YouControl (https://youcontrol.com.ua/) for the opportunity to use the
data to form a panel sample.

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Content
PRACTICAL QUESTIONS AND ANSWERS TO HELP YOU READ THIS REPORT .................................................................... 5
INDICATORS AND EXPECTATIONS FOR THE HALF-YEAR PERIOD ..................................................................................... 9
BUSINESS ACTIVITY AT THE ENTERPRISE ..................................................................................................................... 9
OVERALL ECONOMIC ENVIRONMENT.......................................................................................................................... 9
UNCERTAINTY ............................................................................................................................................................ 10
Half-year expectations........................................................................................................................................... 10
Three-month expectations .................................................................................................................................... 11
ENTERPRISE PERFORMANCE INDICATORS AND SHORT-TERM EXPECTATIONS............................................................. 12
PRODUCTION ............................................................................................................................................................. 12
Changes compared to the previous month ........................................................................................................... 12
Expectations for production changes .................................................................................................................... 12
SALES.......................................................................................................................................................................... 13
Expected sales changes.......................................................................................................................................... 14
EXPORT....................................................................................................................................................................... 14
Expected changes in exports.................................................................................................................................. 15
STOCKS OF RAW MATERIALS ..................................................................................................................................... 15
Expected changes in stocks of raw material.......................................................................................................... 16
STOCKS OF FINISHED GOODS..................................................................................................................................... 16
Expected changes stocks of finished goods........................................................................................................... 17
NEW ORDERS ............................................................................................................................................................. 17
Expected changes in new orders ........................................................................................................................... 18
ACCOUNT RECEIVABLES............................................................................................................................................. 18
Expected changes in account receivables.............................................................................................................. 19
ACCOUNT PAYABLES.................................................................................................................................................. 19
Expected changes in account payables.................................................................................................................. 20
TAX ARREARS ............................................................................................................................................................. 20

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Expected changes in tax arrears ............................................................................................................................ 21
NUMBER OF WORKERS.............................................................................................................................................. 21
Expected changes in the number of workers ........................................................................................................ 22
WORKERS ON FORCED LEAVE.................................................................................................................................... 22
Expected change in the number of workers on forced leave................................................................................ 23
SKILLED AND UNSKILLED WORKERS........................................................................................................................... 23
Skilled workers....................................................................................................................................................... 24
Unskilled workers................................................................................................................................................... 24
SPECIAL PART OF THE SURVEY ....................................................................................................................................... 25
THE IMPACT OF WAR ON ENTERPRISES ..................................................................................................................... 25
Challenges for businesses in wartime........................................................................................................................ 25
The war impact on production volume...................................................................................................................... 27
THE WAR IMPACT ON THE ENTERPRISES’ EXPORT ACTIVITIES.................................................................................. 30
Export problems after February 24, 2022 .............................................................................................................. 32
The main export directions .................................................................................................................................... 33
Number of trade partners ...................................................................................................................................... 35
GOVERNMENT POLICY ............................................................................................................................................... 35
Assessment of government policy to support business ........................................................................................ 35
SURVEY METHODOLOGY............................................................................................................................................ 37
SAMPLE ...................................................................................................................................................................... 37
APPENDIX 1. Survey results in figures............................................................................................................................. 38

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PRACTICAL QUESTIONS AND ANSWERS TO HELP YOU READ THIS REPORT
Who do we survey? This survey uses a panel sample; that means we survey the same business entities. Building
such a sample takes time. During the fifth wave of the survey, the research goal of receiving monthly responses
from 500 enterprises was achieved again. In the first month, 327 enterprises were interviewed, in the second -
367 ones, in the third month they were already 449, and during the fourth wave, 518 respondents were
interviewed. During the fifth wave, 521 respondents were surveyed. They include mainly industrial enterprises
located in 21 of the 27 regions of Ukraine: Vinnytsya, Volyn, Dnipropetrovsk, Zhytomyr, Zakarpattya,
Zaporizhzhya, Ivano-Frankivsk, Kyiv, Kirovohrad, Lviv, Mykolayiv, Odesa, Poltava, Rivne, Sumy, Ternopil,
Khmelnytskyy, Cherkasy, Chernivtsi and Chernihiv regions and in the Kyiv city.
How do we collect data? Data was collected using a combination of several data collection methods: self-
completion of the online checklist and telephone interviews of business representatives filling out their responses
into an online check-list.
How are our indices calculated? All indices are calculated according to a single methodology. We count responses
as +1 when the company responds that the rate has increased, 0 if it has not changed, and -1 if it has decreased.
For example, if out of 100 respondents, 20 indicated an increase in production, 50 respondents reported its
reduction, and 30 said that everything remained unchanged, the corresponding value of the index will be -0.30. A
positive (negative) index value means that the share of enterprises where production has increased is larger
(smaller) than the number of those where production has decreased. Each index bigger than +0.05 or less than -
0.05 is statistically significant, and different from zero with a 5% error probability.
How to “read” our indicators? Our indicators are called "indices," which is a synonym of the term "balance index"
or "balance indicator." All indices are the difference between the shares of respondents who reported a decrease
and those who reported an increase in the indicator. The bigger the index value, the bigger the rate of indicator
growth; the smaller the index value, the bigger the rate of indicator decline.
For most indicators, a higher value of the index means a positive trend, except for indicators of debts, the number
of workers on forced leave, and difficulties in finding personnel. Everything is the opposite here. The larger the
index, the greater the rate of debt growth or the increase in the number of people on forced leave and hardships
(this is bad), the smaller the index, the greater the rate of debt reduction, the decrease in the number of people
on forced leave or hardships (this is good).
When the survey was conducted? The field stage of the fifth wave lasted from September 8th
to September 22nd
,
2022. The enterprises' managers compared the results of work in August 2022 with July 2022, assessed the state
of indicators at the time of the survey (September 2022), and gave forecasts for the next two, three, or six months
depending on the question. For some questions (where it was mentioned) the work results were compared to
ones in the pre-war period (before February 24th
, 2022). Respondents gave forecasts for the next three months
of work.

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MAIN RESULTS
In September, a significant improvement in expectations and assessments of the economic environment and
business climate was recorded, and all indicators improved. Uncertainty remains high, but two opposing trends
in uncertainty have been observed at different forecast horizons. Long-term uncertainty increased while short-
term uncertainty decreased - it became easier for entrepreneurs to forecast their activities in a three-month
horizon. Enterprises continue to restore production volumes to pre-war levels, although they remain conservative
in their forecasts regarding the increase in the number of employees. In the labor market, there is a trend of
increasing difficulties in finding skilled workers, and finding unskilled workers is relatively easy. The export activity
of enterprises continues to recover, and optimism about the future is growing. Queues at the western borders of
Ukraine, the impossibility of exporting by sea, and complex customs formalities remained the main problems for
exporters. Rising prices for raw materials and supplies, difficulties with raw materials or goods transportation
across Ukraine's territory, and lack of working capital continue to top the list of obstacles to doing business. For
the third month in a row, the share of positive assessments of state policy regarding business support remains
low and unchanged. But in September, the balance improved due to a decrease in the share of enterprises that
assess state policy negatively.
OVERALL INDICATORS OF BUSINESS CLIMATE AND ECONOMIC ENVIRONMENT
• After a slight decrease in August, in September, the value of the current business activity index increased
from -0.22 to -0.09.
• The enterprises' expectations regarding changes in the financial and economic situation for the next six
months improved significantly; the value increased from 0.03 to 0.11.
• In September, the overall economic environment index continued to grow due to the increase in the share
of "optimists" from -0.28 to -0.20.
• The index of expected changes in the overall economic environment increased from 0.01 in August to 0.12
in September.
• In September, the level of uncertainty in the long-term horizon increased again. At the same time, a
further decrease in the level of uncertainty is observed for short-term period.
PRODUCTION
• In September, compared to August, the positive trend towards a decrease in the rate of production
reduction continues. The production index increased and changed to positive (from -0.09 to 0.05) due to
significant growth in the share of respondents who reported an increase in production.
• Business expectations for the next three months improved significantly; the value of the Index of expected
changes in production volumes increased from 0.20 to 0.32 due to an increase in the share of respondents
who plan to increase production.
DEMAND AND SALES
• In September, the rate of sales reduction and the number of new orders continued to decrease. The value
of the sales index increased from -0.09 to 0.01. And the new orders index increased from -0.02 to 0.01.
• In the following months, business expectations remain positive; the values of the indices of expected
changes in sales and new orders increased (from 0.20 to 0.33 and from 0.23 to 0.34, respectively).
DEBTS
• There was a slight increase in the indices of changes in account receivables (from 0.05 to 0.08) and account
payables (from 0.00 to 0.01) in September. At the same time, the index of changes in tax arrears increased
more significantly, from -0.06 to -0.02.
• In the three-month perspective, a slight slowdown in the rates of tax arrears (the index value deteriorated
from -0.09 to -0.07) and receivables (the index increased from -0.13 to -0.08) debts is possible. While the
index of expected changes in payables changed only slightly, increasing from -0.13 to -0.14.
EMPLOYMENT

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• In September, compared to August, the employment reduction rate at enterprises continued to slow
down; the index of changes in employment increased from -0.09 to -0.03.
• A possible stabilization of the employment level is expected in the next three months. The index of
expected changes changed only slightly and is 0.03 (0.04 in August).
• In September, compared to August, the value for the difficulty finding labor for skilled workers increased
from 0.06 to 0.09, while for unskilled workers the value remained unchanged and is -0.07.
OBSTACLES TO DOING BUSINESS IN WARTIME
• Rising prices for raw materials and supplies, difficulties with transporting raw materials or goods
throughout Ukraine, and a lack of working capital continue to top the list of obstacles to doing business.
• In September, the lowest shares of the respondents for the entire survey period in 2022 cited lack of fuel
and the fact that it is dangerous to work as obstacles. However, the latter obstacle has a clear regional
link: in the regions close to the battle front, significant shares of businesses say that it is dangerous to
work.
• In September, the labor shortage remained at a relatively low level after the share of businesses facing it
decreased sharply in August 2022.
PRODUCTION CAPACITIES DURING THE WAR PERIOD
• In September, the recovery of production continued. Only 2% of enterprises surveyed are not working
(3% in August), and only 6% of enterprises work at less than 25% of capacity (7% in August).
• The share of enterprises operating at almost full capacity (by 75-99% of pre-war levels) increased from
36% in August to 41% in September.
• The share of enterprises that worked at full capacity remains low - only 8% in September (for comparison,
15% in May, 12% in June, 10% in July, and 8% in August).
• Industries that provide basic human needs continue to overcome the hardships of war best. 62% of
surveyed food and light industry enterprises work almost at full capacity.
• The situation worsens in the woodworking industry and metallurgy, where the share of enterprises
operating at full and near full capacity is decreasing compared to the pre-war period.
EXPORTING ENTERPRISES
• 55% of respondents reported they were exporters at the beginning of 2022. Companies continue to
resume exports and are becoming more optimistic about future export activity.
• The value of the index of changes in exports increased compared to July from -0.24 to -0.21. It happened
primarily due to the increase in the share of respondents whose export volumes increased.
• Expected changes in exports in three months improved significantly compared to previous months (the
index increased from 0.12 in August to 0.22 in September), as the percentage of enterprises that plan to
increase exports increased by one and a half times (from 19.2% to 30, 1%).
• The share of exporters who have not yet resumed sales abroad decreased to 16% (20% in August, 27% in
July, 40% in June, and 47% in May, respectively). It confirms the stable recovery of export activity.
• The situation remains critical for micro-businesses, where every second (50%) enterprise is still unable to
resume exports (56% in August and 50% in July).
• The top three obstacles to exports in September changed compared to May. The main problems for
exporters in September were queues at the western borders of Ukraine - indicated by 60% of respondents
in September (32% in May), the impossibility of exporting by sea - 44% (in May 27%), and complex customs
formalities - 40% (in May 17%).
• The European Union is the main export destination for Ukrainian businesses (81% of respondents in
September), but the importance of other destinations is also increasing, in particular, Turkey (5%), and
Moldova (28%). At the same time, trade with the countries of the Eurasian Economic Union is decreasing
(24% in June and 13% in September).

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• More exporters have "narrow" export geography. Every second enterprise (48%) exports to two-five
countries, and every fourth (26%) – to only one. Compared to June, the share of enterprises that export
to 11 or more countries has increased several times (from 4% to 11%).
GOVERNMENT POLICY
• In September 2022, more than a half of the respondents (57%) rated the state policy on business support
as neutral.
• Approximately every fifth enterprise (22%) assessed this policy negatively, and every tenth (10%),
positively.
• Micro and small enterprises more often assess this policy negatively than medium-sized and large
enterprises do.

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INDICATORS AND EXPECTATIONS FOR THE HALF-YEAR PERIOD
BUSINESS ACTIVITY AT THE ENTERPRISE
Enterprises’ assessments of their business activity improved significantly in September compared to August
2022, although negative assessments still exceed positive ones. In September, after a slight deterioration in
August, the Index of the current business activity improved significantly, more than doubling from -0.22 to -0.09.
This happened due to a simultaneous significant decrease in the share of respondents who assessed the current
financial and economic situation at the enterprise as bad (from 32.5% to 21.1%) and a small increase in the share
of those who positively assessed the situation at the enterprise (from 6.9% to 10.0%). Those "pessimists" who did
not become "optimists" moved to the group of "neutral assessments" — the share of respondents who consider
the financial and economic situation at the enterprise satisfactory increased from 60.6% to 68.9%.
Expectations for the future improved significantly within six months; the value of the index of expected changes
in the financial and economic situation increased from 0.03 to 0.11. It happened due to a decrease in the share of
"pessimists" from 20.5% to 13.6% and an increase in the share of "optimists" from 22.8% to 25.6%. The share of
those who do not expect any changes increased from 56.8% to 60.8%. The share of respondents who could not
give a forecast regarding changes in the financial and economic situation at the enterprise for six months, after a
gradual decrease for four months, increased from 29.0% in August to 34.4% in September.
Fig. 1. Business activity at the enterprise, indexes
OVERALL ECONOMIC ENVIRONMENT
The assessment of the overall economic environment remains negative but continues to improve for the fourth
month in a row. The value of the corresponding index increased from -0.28 in August to -0.20 in September. It
happened due to a decrease in the share of those assessing the overall economic situation as bad, from 36.3% to
30.7%. At the same time, the share of those who assess the overall economic situation positively increased from
4.8% to 7.5%. The share of those considering the overall economic environment satisfactory increased from 58.8%
in August to 61.8% in September.
In September, enterprise forecasts for the next six months interrupted a three-month downward trend and
increased significantly: the value of the index of expected changes in the overall economic environment increased
from 0.01 in August to 0.12 in September. It became possible due to an increase in the share of "optimists" from
22.3% to 27.4% and a significant decrease in the share of "pessimists" from 22.6% to 14.0%. The share of those
who believe the overall economic environment will not change during the next six months increased from 55.1%
-0,36
-0,32
-0,20
-0,22
-0,09
0,07
0,15
0,12
0,03
0,11
-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
Business activity at the enterprise
Expected business activity at the enterprise

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to 58.6%. The share of those unable to forecast the state of the overall economic environment increased from
33.2% to 36.7%.
Fig. 2. Overall economic environment, indices
UNCERTAINTY
Half-year expectations
The level of uncertainty in September compared to August in forecasts of both business activity and the overall
economic environment increased. As already mentioned, the share of respondents who could not forecast
changes in the financial and economic situation at the enterprise in the six-month increased from 29.0% to 34.4%,
and the overall economic environment in the country increased from 33.2 % to 36.7%.
Fig. 3. The level of the business activity and the overall economic environment uncertainty, % of respondents
The level of uncertainty regarding the business activity at the enterprise and its dynamics depends on the
enterprise size. The value increased the most for micro (from 34.4% to 50.91%) and small enterprises (from
30.28% to 36.23%). The level of uncertainty for medium (30.89%) and large (30.66%) enterprises is almost the
same, although it has also increased (from 28.96% and 24.81%, respectively).
-0,54
-0,44
-0,37
-0,28
-0,20
0,01
0,16
0,09
0,01
0,12
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
Current overall economic environment
Expected overall economic environment
45,0% 43,3%
31,4% 29,0%
34,4%
47,7%
43,6%
33,9% 33,2% 36,7%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
May.22 Jun.22 Jul.22 Aug.22 Sep.22
No answer on business activity in six month
No answer on economic environment in six month

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Fig. 4. The share of respondents unable to answer the question about the change in the business activity in six months
Uncertainty about the overall economic environment, as in the case of the business activity increased regardless
of the size of enterprise. At the same time, the indicators for micro-enterprises (the value increased from 37.5%
to 50.91%) and small enterprises (the value increased from 36.62% to 42.03%) are significantly higher than the
average ones (the value increased from 31.15% to 32 .98%) and large enterprises (the value changed only slightly,
increasing from 30.23% to 30.66%).
Fig. 5. The share of respondents unable to answer the question regarding the change in the overall economic environment in the six
months
Three-month expectations
In the three-month horizon, there is a decrease in uncertainty for all performance indicators of enterprises. The
highest indicators of uncertainty remain for accounts receivables (the value decreased from 16.6% to 14.4%) and
accounts payable (the value decreased from 16.2% to 14.2%). The lowest level of uncertainty is for production
(the value decreased from 14.3% to 11.7%) and the number of employees on forced leave (the value decreased
from 13.7% to 11.1%). The level of uncertainty increased the most for sales (from 15.1% to 12.1%). The smallest
changes in the indicator were recorded for stocks of finished goods (the value decreased from 13.5% to 12.7%).
Fig. 6. The share of enterprises unable to forecast the change of the indicator in three months, % of respondents
54,17
35,48
29,17
21,57
34,38
30,28 28,96
24,81
50,91
36,23
30,89 30,66
0,00
10,00
20,00
30,00
40,00
50,00
60,00
Micro Small Medium Large
Jun.22 Jul.22 Sep.22 Oct.22
34,60
47,60
42,60
45,80
47,92
41,13
30,36
26,47
37,50 36,62
31,15 30,23
50,91
42,03
32,98
30,66
0,00
10,00
20,00
30,00
40,00
50,00
60,00
Jun.22 Jul.22 Sep.22 Oct.22

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ENTERPRISE PERFORMANCE INDICATORS AND SHORT-TERM EXPECTATIONS
PRODUCTION
Changes compared to the previous month
The trend to reduce the pace of production reduction continues for the fourth month in a row. The production
index in September compared to August increased and changed to positive (from -0.09 in August to 0.05 in
September). The share of enterprises where production reduced decreased only slightly, from 22.9% in August to
21.2%. And the share of enterprises that reported an increase in production almost doubled, from 13.5% in August
to 26.8% in September. At the same time, the share of respondents who did not experience any changes
decreased from 63.5% to 51.9%.
Size. Among enterprises of different sizes, medium and small enterprises feel the best, the index for which is 0.12
for each. The index value for large enterprises is zero. The worst situation is for micro-enterprises, where the
index is -0.16 (the only negative one).
Region. In the regional context, the enterprises of Lviv and Odesa regions had the best indicators (0.58 each). The
worst situation was at enterprises in Cherkasy (-0.43) and Chernivtsi (-0.40) regions.
Sector. Index values vary among sectors and industries. The best situation is in the food industry (0.26) and fabrics,
clothing, or footwear production (0.24). The index for the printing industry is 0.11. Indicators for other industries
have a negative value; the lowest values are for metalworking (-0.44) and the woodworking industry (-0.35).
Expectations for production changes
Enterprises' production plans for three months, after a slight decrease in August, show optimism again in
September. The index of expected changes in production increased significantly from 0.20 to 0.32. The share of
enterprises planning to increase production grew from 26.5% in August to 40.0% in September, while the share
9,3
9,3
10,1
13,9
11,1
9,4
8,2
6,2
15,3
15,1
14,3
13,9
14,0
12,1
11,7
12,9
0 5 10 15 20 25 30
New orders
Sales
Production
Export
Sep.22 Aug.22 Jul.22 Jun.22
13,6
15,0
15,8
12,7
11,4
11,4
14,5
16,2
16,6
12,5
14,2
14,4
0 5 10 15 20
Tax arrears
Accounts payable
Accounts receivable
10,6
11,4
10,9
10,2
14,1
13,5
12,7
12,7
0 5 10 15
Stocks of raw materials
Stocks of finished goods
7,6
9,8
10,7
10,0
15,6
13,7
12,9
11,1
0 10 20 30
Number of workers
Workers on forced leave

13
of those planning to decrease production remained almost unchanged at 7.8% (it was 7.7%). The share of those
who do not expect changes decreased from 65.8% to 52.2%.
Size. Small enterprises have the highest expectations regarding production changes (0.38). The indicator of
expectations for medium-sized (0.32) and large (0.31) enterprises is almost the same, and the lowest indicator of
expectations is for micro-enterprises and is 0.21.
Region. Enterprise plans depend on the region of location. The highest rate of expectations is for Kyiv city (0.78),
Ternopil and Odesa regions (0.76 each), and Ivano-Frankivsk region (0.73). Sumy region has the lowest indicator
of expectations with a single negative value (-0.11). The indicators for Kirovohrad, Cherkasy, and Dnipropetrovsk
regions are equal to zero.
Sector. Production expectations for three months are optimistic regardless of industry: all indicators have a
positive value. The highest indicators are for fabrics, clothing, or footwear production (0.47) and the printing
industry (0.40). The lowest values are for metal production, metalworking (0.09), and construction materials
production (0.10), as well as for the woodworking industry (0.11).
Fig. 7. Indices of changes in production
SALES
In September, the rate of sales decline continued to decrease. The sales index increased (from -0.09 to 0.01).
The share of enterprises whose sales reduced in September compared to August decreased from 24.4% to 22.5%.
The share of those whose sales increased almost doubled, from 14.8% to 24.1%. The share of enterprises for
which nothing changed during the past month decreased from 60.8% to 53.4%.
Size. Micro (-0.17) and large (-0.03) enterprises have a negative index of changes in sales. The indicator for
medium-sized enterprises is 0.04. The highest value of the index is for small enterprises (0.10).
Region. The highest sales index is for Ivano-Frankivsk (0.50) and Lviv (0.46) regions. Cherkasy (-0.43) and Chernivtsi
(-0.40) regions have the lowest indicator.
-0,55
-0,30
-0,12
-0,09
0,05
0,12
0,22 0,24
0,20
0,32
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
Production Production exp.

14
Sector. Production of fabrics, clothing, or footwear (0.20), food (0.19,) and printing (0.17) industries have the
highest sales index. The indicators of all other sectors have a negative value, and the lowest values are for the
woodworking industry (-0.52) and metal production and metalworking (-0.44).
Expected sales changes
Expectations remain optimistic and rose after a slight decline. The index of expected changes in sales volume
increased from 0.20 to 0.33 in September compared to August. The share of respondents who plan to increase
sales in the next three months increased from 27.3% to 41.6%, and the share of those who expect them to
decrease increased from 8.5% to 9.0%. At the same time, the percentage of respondents who believe nothing will
change has significantly decreased, from 64.2% to 49.5%.
Size. Representatives of small and medium-sized enterprises have the highest expectations; their index is 0.38
and 0.34, respectively. The indicator for large enterprises is 0.30, and for micro-enterprises, the indicator is the
lowest and amounts to 0.16.
Region. The best expectations were recorded in the Odesa region (0.79) and in Kyiv city (0.78). On the other hand,
in the Sumy region, the indicator is the lowest and has the only negative value (-0.06). The indicators for
Kirovohrad, Cherkasy, and Dnipropetrovsk regions are equal to zero.
Sector. Production of fabrics, clothing, and footwear (0.55) and the printing industry (0.40) have the highest
indicators of sales expectations. The expectation index for metal production and metalworking is the lowest at
0.09.
Fig.8. Indices of changes in sales
EXPORT
In September, the rate of export decline continued to slow down. The value of export index increased from -0.24
to -0.21 compared to August. The share of respondents whose export volume decreased increased slightly, from
32.8% in August to 35.2% in September. At the same time, the share of enterprises that increased export volumes
almost doubled, from 8.8% to 15.3%. And the share of enterprises whose export volumes did not change
Size. The highest value of the index of changes in exports is for small enterprises (-0.07). The indicator for medium
and large enterprises is -0.20 and -0.23, respectively. The lowest indicator is for micro-enterprises: -0.40.
-0,48
-0,36
-0,16
-0,09
0,01
0,11
0,23 0,23 0,20
0,33
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
May.22 Jun.22 Jul. Aug.22 Sep.22 Oct.22
Sales Sales exp.

15
Region. In the regional context, the highest indicators of the index of changes in exports are for Lviv (0.38) and
Ivano-Frankivsk (0.33) regions. The lowest value is for the Sumy region (-1.00).
Sector. The index of changes in exports is positive for the food industry and the production of fabrics, clothing, or
footwear (0.05 each). Indicators for all other sectors have a negative value, and the lowest are indicators for the
construction materials production (-0.80) and woodworking industry (-0.71).
Expected changes in exports
Expectations regarding exports are positive. The value of the index of expected changes in exports in September
compared to August doubled, from 0.12 to 0.22. The share of those who plan to reduce exports decreased slightly,
from 7.5% to 7.1%. At the same time, the share of respondents who expect an increase in exports in the near
future grew significantly, from 19.2% to 30.1% in September. The share of those who do not expect any changes
Size. Small (0.29) and medium (0.26) enterprises have the best export expectations. The indicator for large
enterprises is 0.18. Microenterprises have the lowest value of expectations (0.12).
Region. The highest value of the index of expected changes in exports was recorded for enterprises of Ternopil
(1.00) and Odesa (0.83) regions. The worst and only negative are the expectations of business representatives of
the Sumy (-0.08) and Cherkasy (-0.08) regions.
Sector. The food industry (0.29) and the production of fabrics, clothing, and footwear (0.26) has the highest value
of the index of expected changes in exports. The lowest and only negative value is for construction materials
production (-0.09).
Fig. 9. Indices of changes in export
STOCKS OF RAW MATERIALS
The rate of reduction in raw material stocks continued to decrease, as evidenced by the increase in the stock of
raw materials іndex from -0.16 in August to -0.01 in September. It means that the situation with raw materials,
the lack of which enterprises feel, has continued to stabilize. The share of respondents who reported an increase
in raw material stocks over the past month grew from 13.1% to 20.9%. While the share of respondents who
indicated their reduction decreased from 29.2% to 22.5%. And 56.6% reported nothing had changed compared to
last month (57.7%).
-0,42
-0,48
-0,31
-0,24
-0,21
0,07
0,11
0,14 0,12
0,22
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
Export Export exp.

16
Size. The stock of raw material index is the highest and the only positive for medium-sized enterprises (0.04).
Indicators for small (-0.05) and large (-0.01) enterprises are approximately in the same range. The lowest value is
for micro-enterprises (-0.14).
Region. The enterprises of the Ivano-Frankivsk (0.50), Lviv (0.46), and Rivne (0.44) regions have the highest
indicators. And the lowest indicators are in Kyiv (-0.70) Volyn (-0.35), Zaporizhzhya (-0.34) and Chernivtsi (-0.33)
regions.
Sector. The highest indicators are for the food industry (0.25) and fabric, clothing, or footwear production (0.11).
The indicator for the printing industry is zero. Indicators for other industries are negative, and the lowest indicator
was recorded for the woodworking industry (-0.41).
Expected changes in stocks of raw material
For the next three months, the surveyed entrepreneurs expect a sharp increase in this indicator: the index of
expected changes in stocks of raw material has almost tripled, from 0.06 to 0.17. The number of respondents who
expect stock of raw material to increase grew from 16.9% to 27.7%, while the share of those who believe that raw
material stocks will decline decreased from 13.5% to 11.6%. The share of those who believe the situation will not
change decreased from 69.6% to 56.6%.
Size. The index of expected changes in stock of raw material is approximately in the same range for medium-sized
enterprises (0.19) and small and large ones (0.16 each). The lowest is the value of micro-enterprises, which is 0.03.
Region. The highest index of expected changes in stocks of raw material is for Ternopil (0.65) and Odesa (0.62)
regions. The lowest value of the index is for the city of Kyiv (-0.57).
Sector. The highest indicator of expectations regarding changes in stocks of raw material is for the fabrics,
clothing, or footwear production (0.27) and the food industry (0.22). The lowest and only negative indicators are
for machine building (-0.20) and the woodworking industry (-0.19).
Fig. 10. Indices of change in stocks of raw materials
STOCKS OF FINISHED GOODS
The dynamics of the index of stocks of finished goods indicate an increase in output and unstable demand. The
stocks of finished goods index in September continued to increase and is -0.03 (it was -13). The share of
respondents who reported a decrease in stocks of finished goods decreased from 23.6% to 18.6%. While the share
of respondents who reported an increase in stocks grew from 11.1% to 15.6%. The share of respondents who did
not feel any changes increased only slightly, from 65.3% to 65.9%.
-0,62
-0,41
-0,29
-0,16
-0,01
0,01 0,00
0,15
0,06
0,17
-0,70
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
Stocks of raw materials Stocks of raw materials exp.

17
Size. Depending on the size of the enterprise, the value of the index almost does not differ for small (-0.02) and
large (-0.04) enterprises. The indicator of medium-sized enterprises is 0.02. The indicator for micro-enterprises (-
0.25) is the lowest.
Region. Among the businesses of different regions, the largest decrease in stocks is observed in Poltava region (-
0.38) and Kyiv city (-0.36), and the highest value of the index is for Ivano-Frankivsk (0.40), Odesa (0 .29) and Sumy
(0.28) regions.
Sector. The indicators of fabrics, clothing, or footwear production (0.07) and food industry (0.05) are the highest.
The indicators of the woodworking industry and construction materials production are equal to zero. The lowest
value is for the chemical industry - -0.28.
Expected changes stocks of finished goods
In the future, entrepreneurs expect further growth of this indicator. The index of expected changes in stocks of
finished goods increased sharply, from -0.11 in August to 0.07 in September. The share of respondents who
believe that stocks of finished goods will decrease in the next three months has shortened from 21.0% to 14.0%.
And the share of those who expect them to increase has more than doubled, from 8.4% to 20.6 %. The percentage
of those who believe nothing will change has significantly increased, from 58.3% to 70.6%.
Size. The indicator value increases with a decrease in the size of the enterprise. The indicator is approximately the
same for medium (0.08) and large (0.09) enterprises. The value for small businesses is 0.03. At the same time,
micro-enterprises have significantly better expectations (-0.09).
Region. The highest indicator of expectations is for Ternopil and Odesa regions (0.59 each). The values for the city
of Kyiv (-0.50) and Khmelnytskyy region (-0.29) are the lowest.
Sector. The index values for printing (0.09) and food and chemical industries (0.07 each) are the highest. The
woodworking industry (-0.27) and machine building (-0.23) have the lowest indicators.
Fig. 11. Indices of changes in stocks of finished goods
NEW ORDERS
The dynamics of new orders is gradually stabilizing. The new orders index in September compared to August
changed slightly, increasing from -0.02 to 0.01, due to a decrease in the share of respondents who reported a
decline in the number of new orders from 21.2% in August to 20.3% in September. The percentage of those whose
orders increased grew from 17.6% to 21.7%. The share of those who felt no changes decreased from 61.2% to
58.0%.
-0,33
-0,17
-0,29
-0,13
0,17
-0,08
-0,12
-0,09
-0,11
-0,03
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
Stocks of finished goods Stocks of finished goods exp.

18
Size. The value of the index is approximately the same for small and medium (0.04 each) and large (0.01)
enterprises. Micro-enterprises have the worst indicators in terms of new orders (-0.13).
Region. Among different regions, new orders decreased the most in Sumy and Chernivtsi regions (0.33 each),
while in Lviv (0.38), Ivano-Frankivsk (0.36), Vinnytsya (0.33) regions and Kyiv city, new orders increased the most
(0.32).
Sector. The best situation with new orders in the previous month was in the food industry (0.17), fabrics, clothing,
or footwear production (0.07), and the printing industry (0.06). All other sectors have a negative value, and the
metalworking (-0.36) and woodworking industries (-0.36) have the lowest indicators.
Expected changes in new orders
The trend towards an increase in the number of new orders has accelerated. The value of the index of expected
changes in new orders increased from 0.23 to 0.34. The share of those expecting an increase in new orders
increased from 30.0% to 41.3%. The share of respondents who believe that the number of orders will decrease
also shortened, from 8.9% to 7.0%. And 51.8% of respondents in September do not expect any changes in the
next three months (61.0% in August).
Size. The indicator of expectations is the highest for small (0.38), medium (0.35), and large (0.33) enterprises. At
the same time, the indicator is somewhat lower for micro-enterprises (0.27).
Region. In Odesa (0.72) and Lviv (0.69) regions and in Kyiv city (0.64), businesses expect an increase in new orders
to a greater extent than in other ones. At the same time, the indicator for the Sumy region has a single negative
value and is equal to -0.36. The indicator for the Dnipropetrovsk region is zero.
Sector. The production of fabrics, clothing, and footwear (0.44) and the food industry (0.37) has the best
expectations for new orders. The metalworking index has the lowest value and is equal to zero.
Fig. 12. Indices of changes in new orders
ACCOUNT RECEIVABLES
The situation with debts has somewhat worsened. The account receivables index increased slightly, from 0.05 to
0.08. At the same time, the share of respondents who reported an increase in receivables grew from 14.7% to
18.1%, while the share of those for whom it decreased remained almost unchanged at 11.5% (it was 11.0% in
August). The share of those for whom nothing has changed over the past month decreased from 74.2% to 70.3%.
-0,52
-0,30
-0,19
-0,02
0,01
0,10
0,19
0,25 0,23
0,34
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
New orders New orders exp.

19
Size. The worst situation with receivables is for large enterprises (0.17). For small and medium-sized enterprises,
this indicator is approximately in the same range (0.08 and 0.02, respectively). At the same time, this indicator is
the lowest for micro-enterprises (-0.09).
Region. The largest increase in receivables was recorded in Kyiv city (0.35) and Zaporizhzhya and Vinnytsya regions
(0.27 each). The Sumy region (-0.85) has the lowest indicator.
Sector. The construction materials production (0.23) and the woodworking industry (0.27) demonstrate the
highest value of the index. The lowest indicator is for fabrics, clothes, or footwear production (0.02).
Expected changes in account receivables
In three months, a further slowdown in the rate of debt reduction is expected. The index of expected changes
in accounts receivables increased from -0.13 to -0.08. 9.8% of respondents expect this indicator to increase (it was
2.4%), and the share of those who expect it to decrease increased from 15.3% to 17.8%. The share of respondents
who believe nothing will change has increased from 82.3% to 72.3%.
Size. In terms of size, micro (-0.11) and medium (-0.12) enterprises have slightly better index values. The indicator
for large enterprises is -0.07, and the value for small enterprises is the highest (-0.03).
Region. The Lviv region (0.35) shows the highest value. The lowest value of the indicator is for the Sumy region (-
0.82).
Sector. The highest and only positive indicator of expectations for increasing indebtedness is for the printing
industry and amounts to 0.07. The value for the woodworking industry is the lowest (-0.31).
Fig. 13. Indices of changes in account receivables
ACCOUNT PAYABLES
In September, the situation with payables remains almost unchanged and does not cause concern. The account
payables index is 0.01 (it was 0.00 for two consecutive months). The share of respondents who reported an
increase in account payables grew from 10.3% to 11.6%, while the share of those for whom it decreased remained
almost unchanged at 11.6% (it was 11.3%). At the same time, the share of those for whom nothing has changed
over the past month decreased from 78.4% to 77.6%.
Size. The index of changes in account payables is the highest for large enterprises (0.09), and the value for small
enterprises is 0.02. Indicators of medium (-0.05) and micro-enterprises (-0.13) have a negative value.
Region. The situation with account payables is worst in the Zaporizhzhya region (0.17) and lowest in the
Dnipropetrovsk region (-0.53).
0,15
0,03
0,05 0,05
0,08
0,00
-0,03
-0,16
-0,13
-0,20
-0,15
-0,10
-0,05
0,00
0,05
0,10
0,15
0,20
Accounts receivable Accounts receivable exp.

20
Sector. The highest indicators are shown by the chemical industry (0.14), while the lowest indicator is the value
for fabrics, clothing, or footwear production (-0.10).
Expected changes in account payables
A further slowdown in the rate of accounts payables reduction is expected. The index of expected changes in
account payables remained almost unchanged and amounted to -0.14 in September (in August it was -0.13). The
share of respondents expecting a further decrease in accounts payable increased from 14.6% to 18.2%, as did the
share of those expecting an increase in accounts payable (from 1.9% to 4.1%). The share of respondents who
believe nothing will change has increased from 83.5% to 77.6%.
Size. The indicator of expected changes in account payables is approximately in the same range regardless of
business size. At the same time, for small enterprises, the value is -0.13; the indicator for micro and large
enterprises is -0.14. And the indicator for small enterprises is somewhat worse and amounts to -0.15.
Region. The indicators of expectations for account payables are positive for Ivano-Frankivsk (0.09), Lviv (0.08),
and Zakarpattya (0.05) regions and the lowest for Sumy region (-1.00).
Sector. Among industries, the indicator for the printing industry is zero. The value for the woodworking industry
is the lowest and amounts to -0.25.
Fig. 14. Indices of changes in account payables
TAX ARREARS
The rate of tax arrears reduction is slowing down. The tax arrears index in September compared to August
increased from -0.06 to -0.02. The share of enterprises that reported a decrease in tax arrears for the past month
decreased from 9.7% to 5.6%, while the share of respondents who indicated an increase in tax arrears increased
by 2.1% to 8.1%. The percentage of those who believe no changes have taken place has decreased from 88.2% to
86.3%.
Size. Indicators of tax arrears do not differ too much depending on the size of the enterprise. Although for large
(-0.01) and small (-0.02) enterprises, the value is slightly higher than for medium (-0.04) and micro businesses (-
0.03).
Region. Tax arrears increased the most for enterprises in the Ivano-Frankivsk region (0.30) and decreased the
most for businesses in Kyiv city (-1.00) and Sumy region (-0.92).
0,10
0,01
0,00 0,00
0,01
0,00
-0,06
-0,19
-0,13
-0,14
-0,20
-0,15
-0,10
-0,05
0,00
0,05
0,10
0,15
Accounts payable Accounts payable exp.

21
Sector. The indicator of tax arrears for the woodworking industry (0.07) has the highest value. The value for
machine building is -0.16.
Expected changes in tax arrears
Expectations indicate a further slowdown in the pace of tax debt reduction. The index of expected changes in
tax arrears also increased from -0.09 to -0.07. The share of respondents predicting a decrease in tax arrears
increased from 10.2% to 12.4%. And the share of those who expect it to increase grew from 0.8% to 5.4%. The
share of those who do not expect changes increased from 80.0% to 82.2%.
Size. The expectation indicator is better for micro and medium enterprises (-0.09 each) and slightly worse for
small (-0.06) and large (-0.05) ones.
Region. The indicator of expectations for the Lviv region has the highest positive value and is 0.23, and the lowest
value is for the Sumy region (-0.92).
Sector. The highest indicator of tax arrears expectations is for the printing industry and is equal to 0.17. The lowest
indicator is for machine building (-0.22).
Fig. 15. Indices of changes in tax arrears
NUMBER OF WORKERS
The rate of employment reduction is slowing down. The number of workers index continues its upward trend
and increased in September compared to August from -0.09 to -0.03. The share of respondents who reported a
decrease in the workers' number involved in all enterprise operations decreased from 13.4% to 8.1%. At the same
time, the share of those who indicated their increase slightly increased, from 4.3% to 5.2%. And the share of those
for whom nothing has changed increased from 82.3% to 86.6%.
Size. This indicator is the highest for large enterprises — -0.01. For medium ones, the value is -0.03. The indicator
for small and micro enterprises is the lowest and is -0.04.
Region. The highest indicator is for Chernihiv (0.25) and Odesa (0.11) regions. The lowest value is for the Chernivtsi
region (-0.33).
Sector. The indicator of changes in the number of workers for the fabrics, clothing, or footwear production (0.04)
and the food industry (0.03) is the highest. The indicator for the printing industry is zero. The indicators for all
other sectors have a negative value, and the lowest value is for the chemical industry and construction materials
production (-0.17).
-0,09
-0,14
-0,06
-0,02
-0,10
-0,18
-0,09
-0,07
-0,20
-0,18
-0,16
-0,14
-0,12
-0,10
-0,08
-0,06
-0,04
-0,02
0,00
Jun.22 Jul.22 Aug.22 Sep.22 Oct.22
Tax arrears Tax arrears ex.

22
Expected changes in the number of workers
In the next three months, entrepreneurs and enterprise managers expect a slowdown in the employment
growth rate: the index of expected changes in the number of workers decreased slightly, from 0.04 to 0.03. The
percentage of entrepreneurs surveyed who believe the number of workers will increase decreased from 9.0% to
6.7%. And the share of those who expect the number of workers to decrease declined less significantly, from 4.6%
to 3.1%. The share of those who believe nothing will change has increased significantly, from 86.3% to 90.2%.
Size. The indicator for micro and large enterprises is zero. At the same time, the values for the small (0.05) and
medium (0.06) enterprises' indicators are somewhat better.
Region. The highest indicator of expectations is for Odesa (0.24) and Chernivtsi (0.20) regions. It is the lowest for
the Sumy region (-0.14).
Sector. The highest index of expectations is for the woodworking industry (0.13) and fabrics, clothing, or footwear
production (0.11). The indicators for metalworking (-0.09) and chemical industry (-0.11) have the only negative
values.
Fig. 16. Indices of changes in the number of workers
WORKERS ON FORCED LEAVE
The number of workers on forced leave does not change. The number of workers on forced leave index changed
only slightly and is equal to zero (it was 0.01 in August). The share of business representatives who reported an
increase in the number of employees on forced leave decreased from 6.1% to 5.2%. And the share of those who
indicated a decline decreased from 6.3% to 5.9%. The percentage of those for whom the situation has not changed
over the past month has increased from 87.7% to 88.9%.
Size. The indicator is negative (-0.02) for small and large enterprises. The value for micro-enterprises is zero. The
value for medium enterprises is the highest and is equal to 0.01.
Region. To the greatest extent, among different regions, such a deterioration of the indicator is observed in the
Zhytomyr region (0.67), and the decrease in the number of workers on forced leave is most often reported in Kyiv
city (-0.14), and Dnipropetrovsk and Chernivtsi regions (-0.13 each).
Sector. The worst indicators regarding the number of workers on forced leave are in metalworking (0.10). The
lowest and only negative value is for the woodworking industry (-0.11).
-0,54
-0,30
-0,16
-0,09
-0,03
0,01
0,03
0,11
0,04 0,03
-0,60
-0,50
-0,40
-0,30
-0,20
-0,10
0,00
0,10
0,20
Number of workers Number of workers exp.

23
Expected change in the number of workers on forced leave
Enterprises that have workers on forced leave do not expect significant changes. The index of expected changes
in the number of workers on forced leave worsened, increasing from -0.03 to 0.02, changing its sign to a positive
one, which means the predominance of those who plan to increase the number of such employees in the future.
The share of enterprises where an increase in the number of workers on forced leave is expected increased from
4.1% to 5.2%. And the percentage of those who believe the number of such employees at their company will
decline decreased from 7.4% to 3.6%. At the same time, the share of those who believe no changes will take place
increased from 88.6% to 91.2%.
Size. Micro-enterprises are the most likely to expect an increase in the number of workers on forced leave; their
index is 0.04. The indicator for medium and large enterprises is the same: 0.02. The indicator for small enterprises
is zero.
Region. The lowest indicators are in the Chernihiv region (-0.17). While the indicator for Chernivtsi (0.11) and
Sumy (0.10) regions is the highest.
Sector. The highest indicator of expectations regarding the number of workers on forced leave is in construction
materials production (0.18). The indicators for the woodworking industry (-0.09) and machine building (-0.06) are
the lowest.
Fig. 17. Indices of changes in the number of workers on forced leave
SKILLED AND UNSKILLED WORKERS
Difficulties in finding skilled workers increased in September, while indicators for unskilled workers remained
unchanged for the third month in a row. The index of difficulties in finding skilled workers has a positive value,
which increased from 0.06 to 0.09. The index of difficulties in finding unskilled workers, where the value is
negative, remained unchanged and is -0.07.
The share of business managers who indicated that it is more difficult to find skilled employees increased from
14.9% to 15.5%. The share of those who find it more complicated to find unskilled workers increased from 6.1%
to 8.3%. At the same time, the percentage of those who find it easier to find skilled workers decreased from 8.2%
to 5.1%, and the share of those who find it easier to find unskilled workers increased from 13.4% to 15.6%. The
share of those who do not feel any changes in finding skilled workers increased from 76.9% to 79.4%. And for
unskilled workers, the percentage decreased from 80.5% to 76.1%.
0,35
0,05 0,06
0,01 0,00
-0,01
-0,22
-0,14
-0,03
0,02
-0,30
-0,20
-0,10
0,00
0,10
0,20
0,30
0,40
Workers on forced leave Workers on forced leave exp.

24
Fig. 18. Indices of change in skilled and unskilled workers
Skilled workers
Size. Depending on the size of the enterprise, it is easier for medium (0.10) and large (0.08) companies to find
skilled workers, and more difficult for small (0.12) and micro (0.16) ones.
Region. It is easier to find skilled workers in the Odesa region (-0.19) and the most difficult in the Chernivtsi region
(0.78).
Sector. The printing industry has fewer difficulties finding skilled workers; the indicator is zero. The woodworking
industry has the most difficulties (0.30).
Unskilled workers
Size. Medium and micro-enterprises (-0.09 each) and small ones (-0.10) have more difficulties finding unskilled
workers than large enterprises (-0.02).
Region. It is easiest to find unskilled workers in Sumy (-0.71) and Chernihiv (-0.67) regions. Chernivtsi (0.67),
Dnipropetrovsk (0.22), and Zhytomyr (0.27) regions face the most difficulties finding unskilled workers.
Sector. The woodworking industry has the worst indicators for finding unskilled workers (0.20), while the
engineering industry has the best indicator (-0.23).
0,24
0,18
0,06
0,09
-0,01
-0,06 -0,07 -0,07
-0,10
-0,05
0,00
0,05
0,10
0,15
0,20
0,25
0,30
Jun.22 Jul.22 Aug.22 Sep.22
Skilled workers Unskilled workers

25
SPECIAL PART OF THE SURVEY
THE IMPACT OF WAR ON ENTERPRISES
Challenges for businesses in wartime
Rising prices for raw materials and logistics difficulties in Ukraine continue to keep leading positions in the
ranking of obstacles to doing business caused by the full-scale war. These two issues have ranked first and second
in the list of obstacles for the third month in a row, since July 2022.
Fig. 19. The most important problems for the surveyed businesses
63%
41%
37%
33%
30%
26%
18%
15%
9%
8%
6%
4%
4%
58%
46%
32%
31%
28%
26%
13%
5%
13%
6%
5%
2%
62%
47%
28%
36%
15%
27%
34%
5%
36%
11%
11%
2%
57%
51%
35%
43%
30%
34%
74%
13%
12%
3%
55%
44%
36%
43%
34%
39%
54%
7%
12%
2%
0% 10% 20% 30% 40% 50% 60% 70% 80%
Rising prices for raw materials/goods
Difficulties with transportation of raw materials/goods
through the territory of Ukraine
Lack of working capital
Disruption of supply chains
Decrease in demand for products/services
Government regulation of the exchange rate
It is dangerous to work
Lack of personnel due to conscription and/or migration
Corruption
Lack of fuel
Damage to property/goods as a result of hostilities
Interruptions of electricity, water or heat supply
There were no problems
Sep.22 Aug.22 Jul.22 Jun.22 May.22

26
In September 2022, two-thirds of the surveyed businesses (63%) identified rising prices for raw materials and
supplies as one of the main obstacles, while 41% of respondents named difficulties with the transportation of raw
materials or goods throughout Ukraine's territory among the main problems for doing business. At the same time,
we should note that the share of the enterprises that faced challenges related to transportation decreased
somewhat compared to the previous months of 2022 (previously, this share ranged from 44% to 51%).
In September 2022, the lack of working capital took the third place in the ranking of business obstacles. 37% of
company managers indicated this problem, and it is more than in the two previous months.
Also, due to military hostilities, destruction, and logistical difficulties, enterprises faced the disruption of well-
established supply chains and the issues with the access to their customers and suppliers. The problem of supply
chain disruption, which we added to the list of obstacles for the first time this month after analyzing the results
of this survey’s previous waves, came in the fourth place: it is relevant for a third of the respondents (33%).
The decrease in demand for products or services is the last problem in the top five ones for businesses caused
by the full-scale war. However, we should note that during the last two months, this problem's importance for
business has decreased, as evidenced by the decrease in the share of respondents who chose this problem as an
obstacle. Thus, in September 2022, 30% of respondents reported it, while in May, this share was 43%.
The problem of regulating the exchange rate remains quite relevant: 26% of respondents reported it, which is
almost the same share as a month ago (28%).
At the same time, in September, there were the lowest shares of respondents who said it was dangerous to work
and those who complained about fuel shortages over the entire survey period through 2022. Specifically, 18% of
business managers named the fact that it is dangerous to work among the main problems for business. This
problem came seventh in the rating of obstacles. In the previous waves of the survey, it was reported by a larger
share of respondents, in particular, in May 2022, by 34%. And only 8% of business representatives in September
reported the shortage of fuel. As a result, this problem was ranked tenth in the rating of obstacles. It is a big
contrast to June 2022, when fuel shortages were a significant obstacle for 74% of respondents.
Such problems as labor force shortage due to the migration or mobilization of the workers (reported by 15% of
respondents) and corruption (9%) were ranked eighth and ninth in the rating of obstacles. At the same time, labor
shortage has been at a low level for the second month in a row, which may be caused by a decrease in the
enterprises’ economic activity.
Six percent of the respondents reported damage to property or goods due to military hostilities, and 4% reported
interruptions in electricity, water, or heat supply. Another 4% said that they did not face any problems. In
addition, 3% of business managers added their own versions of the most pressing challenges to their businesses.
Most often, this is a non-return of the value-added tax (VAT).
Challenges for businesses by size. The impact of obstacles to doing business due to the full-scale Russian invasion
is somewhat different for businesses of different sizes. For example, as companies grow in size, they increasingly
report supply chain disruptions. 11% of micro-enterprises faced this problem, while 27% of small businesses, 36%
of medium-sized businesses, and 43% of large businesses reported it. On the other hand, the decrease in demand
for products or services becomes more relevant as the size of the business decreases. While this problem is
reported by approximately every fourth large and medium-sized enterprise (25-26%), 33% of small businesses
and 47% of micro-businesses report it.
Additionally, micro-enterprises report such problems as difficulties with the transportation of raw materials or
goods across Ukraine’s territory (31%), lack of personnel (7%), and that it is unsafe to work (7%) less often than
the enterprises of larger size groups.

27
Challenges for businesses by sector. Business disruptions caused by war affect different industries in different
ways1
. Specifically, the most common problem – the increase in the cost of raw materials or supplies – is most
often reported in fabric, clothing, or footwear production (73%). The machine building industry is characterized
by the highest share of the respondents who complain about difficulties with the transportation of raw materials
or goods across Ukraine's territory (55%) and the lack of labor (24%).
The problems of lack of working capital and disruptionof supply chains are most often reported by representatives
of the chemical industry (45% and 66% of respondents in this industry, respectively). And companies in metal
production and metalworking, more often than in other sectors, report such problems as the decrease in demand
for products or services (64%) and state regulation of the exchange rate (52%).
Challenges for businesses by region. There are differences between companies in different regions in their
assessment of the most acute problems for their business that has arisen due to full-scale war2
. For example, in
Dnipropetrovsk and Zhytomyr regions, the problem of rising prices for raw materials and supplies is reported
particularly often: 95% of enterprise managers in each of these regions. Also, this problem is often mentioned in
Sumy (89%), Poltava (85%), and Khmelnytskyy (84%) regions.
Difficulties transporting raw materials or goods across Ukraine are most acutely felt in Cherkasy (80%) and
Kirovohrad (70%) regions, and lack of working capital, in Ivano-Frankivsk (82%).
Businesses in Dnipropetrovsk (75%), Cherkasy (73%), and Zaporizhzhya (70%) regions most often point to supply
chain disruption. Managers of enterprises in Kirovohrad, Chernivtsi, and Zaporizhzhya regions more often than
respondents in other regions report the negative impact of state regulation of the exchange rate on their activities
(more than 75% of respondents in each of these regions).
In addition, despite the decrease in the share of businesses that say it is dangerous to work in the sample as a
whole, this problem remains acute for enterprises in some regions. These are, in particular, Dnipropetrovsk region
(95% of respondents), Vinnytsya region (67%), and Kyiv city (61%). Similarly, despite the fact that the lack of
personnel was not among the most common problems for all the surveyed businesses in September 2022, this
problem is particularly often reported by enterprises in Ternopil and Lviv regions (47% and 46%, respectively) and
in the city of Kyiv (43%).
The war impact on production volume
In September, about 2% of enterprises surveyed reported they stopped their activities during the war
(approximately at the level of July and August)3
. In addition, the share of enterprises operating at less than 25%
of pre-war production volumes remain low - only 6% in September (for comparison, 7% in August or 17% in May).
On the one hand, it may indicate the situation stabilization and the resumption of production among those
enterprises that completely or almost completely stopped operating. But then, troubled businesses may be less
willing to be surveyed and only partially represented in the survey panel.
The share of enterprises operating at 100% compared to pre-war volumes in September remained at the level of
the previous month - 8%. The share of enterprises operating at almost full capacity also increased - by 41% (36%
in August). For comparison, this figure was 17% in May and 30% in June. The share of enterprises operating at 50
% - 74% compared to pre-war volumes; it decreased from 33% in August to 30% in September. In general, the
distribution of results indicates a further trend toward the recovery of production. Already every second
enterprise is working almost at full capacity or full capacity.
1
The comparison does not include agriculture, trade, and services, and enterprises included in the “Other industries”
category.
2
The comparison does not include regions where no enterprises were surveyed, and Mykolayiv region, where the
number of the respondents was insufficient for statistical comparison. For more details, see the “Sample” section.
3
A significant sample expansion compared to the previous month could also have a minor impact on the results.

28
Fig. 20. The impact of war on the enterprises' work (% of respondents)
Results for businesses by size. Micro-business continues to feel the worst impact of the war on production. Thus,
9% of businesses did not operate in September (16% in August) among micro-enterprises. Micro-enterprises
remain more sensitive to changes in the business environment. At the same time, there are no respondents who
do not work at all among large enterprises. The corresponding indicator is 2% among small enterprises. And
among medium-sized enterprises, this figure is 1%. Thus, the survey results confirm the enterprise size affects its
ability to maintain and restore production in wartime.
Among large businesses, the largest share of enterprises that keep production at 100% or more is 12% in
September (10% in August). At the same time, the corresponding indicator is 9% for medium enterprises (9% in
August) and only 2% for micro-enterprises (also 2% in August). Thus, small businesses continue to be most
affected by the war.
Fig. 21. The share of enterprises that ceased operations compared to the pre-war period (by enterprise size, %)
10,3%
16,9%
15,6%
25,6%
16,6%
15,0%
8,2%
13,7%
17,3%
18,7%
29,9%
12,1%
3,5%
11,7%
15,6%
22,8%
36,4%
10,0%
2,7%
6,6%
14,1%
32,8%
35,9%
7,9%
2,0%
5,7%
13,4%
29,6%
41,3%
7,9%
0,0% 10,0% 20,0% 30,0% 40,0% 50,0%
0% capacity utilzation
up to 25%
25%-49%
50%-74%
75%-99%
100% capacity utilization
Sep.22 Aug.22 Jul.22 Jun.22 May.22
18%
10% 10%
6%
16%
3%
9%
1%
8%
2%
1% 1%
16%
3%
0% 0%
9%
2% 1% 0%
0%
5%
10%
15%
20%

29
Results for businesses by sector. Industries providing the basic population needs show the best results of
production recovery. For example, in September, 62% of the food industry (61% in August) and 62% of the light
industry (47% in August) operate at almost full or full capacity. Thus, the light industry demonstrated a significant
recovery in production compared to the previous month. Also, the corresponding indicator for the printing
industry increased to 61% (53% in August).
In contrast, the situation is worst in metallurgy and metalworking, where only 20% of respondents were working
at near full and full capacity. The situation in woodworking is also deteriorating; the corresponding result
decreased to 22% in September (25% in August and 35% in July). The situation in the chemical industry improved
significantly: the indicator for the chemical industry increased from 25% in August to 38% in September. Also, the
corresponding result for the construction materials production tripled (from 13% in August to 39% in September).
We should note that in some industries, there are already no enterprises that do not work (chemical, machine
building, and woodworking). And 6% of respondents do not operate in printing, and 4% in construction materials
production. At the same time, representatives of woodworking (17%), construction materials production (13%),
and metallurgy and metalworking (12%) operate for less than 25% of the pre-war capacity.
Fig. 22. The share of industrial enterprises operating at almost full and full capacity (75 - 99%, 100%, and more) compared to the pre-
war period in July 2022, % of respondents by industry
Results by region4
. In the regional context, the regularities of the previous survey waves are preserved, for
instance, the business of western Ukraine's regions was the best at maintaining and restoring production.
However, the overall situation in the country is leveling out. For instance, enterprises that have totally stopped
operating are now absent in most regions surveyed. At the same time, by 100% and more compared to the pre-
war period, they work most often in Volyn (29% of respondents) and Chernivtsi regions (30%). However, there
4
In the Mykolayiv and Poltava regions, the subsample is insufficient for analysis.
26%
35%
32%
11%
33%
51%
57%
43%
58%
26%
25%
25%
13%
33%
40%
53%
47%
61%
20%
22%
38%
39%
40%
45%
61%
62%
62%
0% 10% 20% 30% 40% 50% 60% 70%
Metalworking
Woodprocessing
Chemical industry
Construction materials
Machine building
Other productions
Printing industry
Light industry
Food industry
Sep.22 Aug.22 Jul.22

30
are no enterprises operating at full capacity in some areas: Dnipropetrovsk, Zaporizhzhya, Ivano-Frankivsk, Sumy,
Khmelnytskyy, Cherkasy regions, and the city of Kyiv. In the Ivano-Frankivsk region, all respondents are working
at almost full capacity again (75% - 99% compared to the pre-war period). As a result, the negative war impact is
observed on enterprises in all regions; it confirms the impact of war on logistics, production chains, and main
markets throughout the country.
THE WAR IMPACT ON THE ENTERPRISES’ EXPORT ACTIV
In the fifth wave of the survey, 55% of enterprises (among those that were able to answer) were or are exporters
(53% in August).
Among exporters, the share of enterprises that stopped exporting after February 24 continues decrease
significantly. This indicator decreased to 16% in September (20% in August). The share of enterprises that stopped
exporting, but resumed it, is high - 28%. Additionally, 56% of respondents claim they have not stopped exporting.
Thus, in September, the highest number of enterprises either did not stop exporting or were able to resume it,
which confirms the positive trend in the recovery of business export activity.
The share of enterprises willing to start exporting for the first time remains low. Only 2% of respondents reported
such plans in September (2% in August). In May, June, and July, the corresponding figures were 7%, 5%, and 1%,
respectively. Thus, there remains a low level of business optimism regarding the start of export activities under
war conditions.
Fig. 23. Impact on export activities (% of exporters surveyed)
44%
40%
48%
61%
56%
9%
20%
26%
19%
28%
47%
40%
27%
20%
16%
0% 20% 40% 60% 80% 100% 120%
May.22
Jun.22
Jul.22
Aug.22
Sep.22
Continues exporting and never stopped
Stopped exporting after 24.02.2022, but already resumed
Stopped exporting after 24.02.2022, not resumed yet

31
Results for businesses by size. Microbusiness was the most affected by the war because every second enterprise
has been unable to resume exports so far (as in previous months). At the same time, 21% of small, 15% of medium,
and 9% of large enterprises were unable to resume exports. Thus, the probability of export recovery depends on
the enterprise size. Generally, over the past few months, the trend to restore exports has been maintained by all
business entities (except for micro).
Fig. 24. Enterprises that stopped exporting but could not recover, by the size of enterprises (% of exporters surveyed)
Results for businesses by sector. In September, 91% of exporters surveyed represented the production industry,
and the exporters' sample in other sectors is not representative. The obtained data make it possible to analyze
the impact of the war on the export activity of various industries. In September, the best situation was recorded
in the woodworking industry, where again (as in July) there are no enterprises that stopped exporting and could
not resume it. The situation in metallurgy and metalworking also improved significantly (the share of enterprises
that could not resume exports decreased from 24% in August to 6% in September), as well as in the chemical
industry (from 43% to 14%). Thus, it was precisely at the expense of these industries that further recovery of
exports in the processing industry took place. At the same time, the situation remains unchanged in the food
industry (15% in September and 13% in August) and worsened in the light industry (8% in August and 19% in
September).
Fig. 25. Enterprises that stopped exporting but could not resume it, by industry (% of exporters surveyed)
Results by regions5
. The survey results by region do not allow us to conclude clear regional patterns due to the
insufficient size of subsamples in certain regions. However, the available data once again confirms the significant
impact of the war on exporters in all areas, regardless of the presence of active military actions. For example, 38%
of enterprises in the Dnipropetrovsk region, 31% in Kyiv city, 24% in the Kyiv region, 20% in the Volyn region, and
5
For individual regions, the results are unavailable due to the insufficient size of the subsample, which does not allow
concluding on clear regional patterns.
65%
51%
33%
62%
43%
35% 37%
50%
28%
20%
25%
56%
25%
19%
13%
50%
21%
15%
9%
0%
20%
40%
60%
80%
100%
27% 28%
36%
28%
0%
27%
21%
43%
29%
24%
13%
24%
19%
8%
14%
26%
6%
15%
0%
11%
19%
0%
10%
20%
30%
40%
50%
Chemical industry Machine building Metalworking Food industry Woodprocessing Other industries Light industry
Jul.22 Aug.22 Sep.22

32
20% in the Chernihiv region stopped and did not resume exports. In contrast, the indicator is 0% in Odesa, 8% in
Zakarpattya, and 9% in Vinnytsya oblasts.
Export problems after February 24, 2022
Most of the exporters surveyed face obstacles in exporting. If in May there were no obstacles only for 5% of
enterprises, then in September for 8%. At the same time, queues at the western border became the main problem
- 60% of respondents reported it (32% as of May, when the first wave of the survey was conducted). The
impossibility of exporting by sea is ranked second. The sharpness of this obstacle also increased in a few months
- from 27% in May to 44% in September. Thus, the negative experience of logistical obstacles dominates among
the respondents. The shortage of railway wagons/trucks/drivers is in fourth place (26% in May and 28% in
September).
The problem of complex customs formalities has become more relevant for business and was ranked third among
obstacles (from 17% in May to 40% in September). Also, entrepreneurs began to complain more often about
corruption at customs (from 5% in May to 16% in September). Thus, as of September, business is experiencing
more obstacles related to customs work.
Fig. 26. Obstacles faced by the enterprise in exporting after February 24, 20226
6
The sum of responses may exceed 100%, as respondents were able to choose several answers.
16%
34%
5%
12%
28%
26%
17%
27%
32%
3%
13%
16%
21%
26%
28%
40%
44%
60%
0% 10% 20% 30% 40% 50% 60% 70%
Other
Inability to meed demand in foreign markets
Corruption at Ukraine's customs
Reorientation from CIS markets
Lack of demand for enterprise's goods/services
Lack or railway wagons/trucks/drivers
Complex customs formalities
Impossibility to export by sea
Lines at the Western border of Ukraine
Sep.22 May.22

33
Compared to May, the urgency of problems that prevented demand on foreign markets decreased. Thus, in May,
this problem was in first place among obstacles (34%), and in September, it dropped to the penultimate place
(13%). Every fifth exporter also complains about the need to reorient from the CIS markets (21% in September
compared to 12% in May).
Some exporters also indicated their own options for obstacles to export. However, the share of such responses
decreased from 16% in May to 3% in September. The respondents point to the lack of air transportation, non-
return of VAT, high cost of production, Armenia's war with Azerbaijan, and other problems.
Results for businesses by size7
. The relevance of certain problems in September is the same for exporters of
different sizes. For example, 58% of small, 62% of medium, and 61% of large enterprises complain about queues
at the western borders of Ukraine. Also, the urgency of the lack of railway wagons/trucks/drivers is almost at the
same level (28% small, 25% medium, and 28% large). At the same time, the impossibility of exporting by sea
increases depending on the size of businesses - 28% of small, 45% of medium, and 53% of large enterprises
indicated it.
We should note that, in May, it was a large business that complained more often about logistical problems. Large
enterprises are also more likely to report complex customs formalities (47%). Additionally, 17% of large
enterprises complain about corruption at customs, although in May, the corresponding figure was 0%. At the
same time, small businesses continue to experience production problems. Small businesses are often unable to
produce enough goods to meet demand in foreign markets.
Results for businesses by sector. The relevance of obstacles differs for enterprises of different industries. Thus,
the chemical industry (72%) and food industry (68%) enterprises complain most often about queues at the
western borders and machine-building enterprises (35%) the least often. The lack of railway
wagons/trucks/drivers hinders woodworking enterprises the most (47%), and the sea blockade - metallurgy,
metalworking (67%), and the food industry (62%). In the context of customs work, enterprises of the woodworking
industry experience the most problems. For instance, 53% of enterprises in the industry complain about complex
customs formalities, and 29% - about corruption at customs. Machine-building enterprises are more likely to
report that they cannot produce enough goods to meet demand in foreign markets (35%).
The main export directions
According to the results of September, the European Union remains the main export direction for Ukrainian
business, but the importance of other destinations is also increasing. Over the past three months, 81% of surveyed
active exporters exported specifically to EU countries (89% as of June). At the same time, another 4% supplied
their products to the countries of the European Free Trade Association (2% in June). Such results demonstrate
that Ukrainian companies currently have great opportunities to maintain the European direction of exports, taking
into account the logistical challenges during the war.
In addition, 28% of enterprises exported to Moldova (22% as of June). Exports to China remain low - only 3% of
respondents as of September (4% of respondents in June). The weight of Turkey increased slightly - from 2% in
June to 5% in September. The share of enterprises that export to other countries has increased to 26% (14% as of
June). We should emphasize that the role of exports to certain countries of the Eurasian Economic Union (Belarus,
Kazakhstan, Armenia, and Kyrgyzstan) is decreasing. If 24% of respondents reported this export direction in June,
then in September, only 13% did. At the same time, there are no exports to Russia in September.
7
The sub-sample is insufficient for micro-enterprises, so there is no analysis of the results for enterprises of this size.

34
Fig. 27. Please indicate to which countries your company exported during the last three months? (% of exporters surveyed able to
answer)
Results for businesses by size. The European Union remains the main export destination for companies of various
sizes8
. 83% of small, 77% of medium, and 83% of large enterprises exported to EU countries. However, as the size
of business entities increases, the diversification of exports also increases. Thus, 5% of medium and large
enterprises, but 0% of small ones, export to EFTA countries. In the last three months, 0% of small businesses
exported to China, but 4% of medium and large ones. Large businesses more often have trading partners in Turkey
(9% versus 2% among smalland medium-sized businesses). The size of the enterprise also increases the probability
of having trade partners in other countries. 14% of small, 23% of medium, and 33% of large enterprises indicated
other export destinations.
Results for businesses by sector. The EU is the main export destination for all industrial sectors of the country.
However, only in the woodworking industry all 100% of exporters export to the EU. At the same time, Ukrainian
machine-building products were most often exported to the countries of the Eurasian Economic Union (except
Russia) (19% of the industry's exporters). Also, this direction remains important for the food (14%) and chemical
(12%) industries. Machine building products are also most often exported to Turkey (10% of respondents in the
industry) and China (also 10%). Chemical (41%) and food (31%) industry products are most often exported to
Moldova.
8
The sub-sample size is insufficient for micro-enterprises, so there is no results analysis for enterprises of this size.
5%
4%
2%
2%
24%
14%
22%
89%
0%
3%
4%
5%
13%
26%
28%
81%
0% 20% 40% 60% 80% 100%
Russia
China
EFTA
Turkey
Eurasian Economic Union except Russia
Other countries
Moldova
European Union
Sep.22
Jun.22

35
Number of trade partners
In September, respondents were asked for the second time to estimate the number of countries to which they
exported products during the last three months. Almost half of the surveyed exporters (48%) export to 2-5
countries (67% in June). 15% of exporter respondents supplied their products to 6-10 countries (12% in June). In
three months, the share of enterprises that export to 11 or more countries has increased several times - up to
11% (4% in June). It can confirm a significant increase in export activity among some enterprises. At the same
time, the share of enterprises that export to only one country also increased by one and a half times - from 17%
of respondents in June to 26% in September. It may reflect a significant expansion of the sample and the start of
export recovery during the summer.
Fig. 28. A number of countries to which the company exported during the last three months (% of exporters surveyed able to answer)
Results for businesses by size9
. The September results confirm that the enterprises' export capacity during war
increases as their size increases. SMEs often have more customers in only one country. For example, 39% of small,
25% of medium, and 19% of large enterprises indicated they supply products to only one country (respectively,
31%, 19%, and 17% in June). Such indicators illustrate that it was among SMEs that initially suffered the most from
the impact of the war but actively restored exports over the past three months. At the same time, large enterprises
export to 6-10 countries most often (22% of respondents). Also, large businesses often have trade partners in 11
countries or more (22%).
Results for businesses by sector. The chemical industry, metallurgy, and machine building enterprises had the
least wide export geography in September, where 35%, 33%, and 32% of exporters, respectively, had trade
partners in only one country. In contrast, in the woodworking industry, only 6% of respondents export to one
country. Enterprises in most sectors (except metallurgy and metalworking) exported to 2-5 countries for the last
three months. Despite the negative trends in the industry, metallurgy enterprises most often exported to 11 or
more countries (20% of respondents). The corresponding indicator is also high in the food industry (17%), which
best copes with the challenges of wartime.
GOVERNMENT POLICY
Assessment of government policy to support business
In September 2022, the surveyed enterprises more often assessed the government business support policy
neutrally and less often, negatively. Specifically, the share of neutral assessments increased (from 51% to 57%),
and the share of negative ones decreased (from 28% to 22%) compared to the previous month.
At the same time, positive ratings have remained at the same level for the third month. As in July and August
2022, in September, 10% of those surveyed rated the government’s business support policy positively. The share
of those who could not assess the government policy on business support also almost did not change: it was 11%
(in August 2022, 12%).
9
Results for micro-enterprises are not available due to insufficient sub-sample size.
17%
67%
12%
4%
26%
48%
15% 11%
0%
20%
40%
60%
80%
100%
1 country 2-5 countries 6-10 countries 11 countries and
more
Jun.22 Sep.22

36
Fig. 29. Assessment of government policy to support business
Assessment of government policy to support business by business size. Micro and small enterprises are more
likely to assess the government business support policy negatively than medium-sized and large ones. While
among the medium-sized and large companies, this policy was negatively assessed by approximately one-fifth of
the respondents (18-20%), among micro- and small businesses, this share was 26-27%. On the other hand, micro-
enterprises are less likely than others to make neutral assessments (40%) and more often cannot make any
assessments of government business support (24%). The frequency of positive assessments is approximately the
same for surveyed enterprises of all size groups.
Assessment of government policy to support business by sector. Enterprises of various industries do not
significantly differ in the frequency of positive assessments of government business support policy10
. The fabric,
clothing, and footwear industry stands out with relatively higher assessments: 16% of its representatives
positively assessed government’s steps to support business. The representatives of the metal production and
metalworking industry (56%), woodworking industry (48%), and construction materials production (43%) make
negative assessments most often.
Assessment of government policy to support business by region. The most positive assessments of government
business support policy in September 2022 were recorded in the Kyiv region: 42% of the enterprises surveyed
there gave such assessments. Businesses of the Volyn region (23%) also give positive assessments quite often.
The most negative assessments are among businesses in the Sumy region (61%), as well as in Kirovohrad (50%),
Zaporizhzhya (47%), and Cherkasy (also 47%) regions11
.
10
The comparison does not include agriculture, trade, and services, and enterprises included in the “Other industries”
category.
11
The comparison does not include regions in which no enterprises were surveyed, and Mykolayiv region, where the
number of the respondents was insufficient for statistical comparison. For more details, see the “Sample” section.
19%
42%
11%
28%
16%
39%
23% 22%
10%
50%
22%
18%
10%
51%
28%
12%
10%
57%
22%
11%
0%
20%
40%
60%
Positively Neutrally Negatively Don't know/Didn't answer
May.22 Jun.22 Jul.22 Aug.22 Sept.22

Monthly_survey_№5.pdf

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Monthly_survey_№5.pdf