Ukraine’s industry is still working under severe pressure. In its latest macroeconomic review, the National Bank said industrial production is being held back by the loss of manufacturing capacity, a shortage of workers, unstable electricity supply and higher logistics costs. At the same time, defense contracts have become the main force behind industrial growth.
Defense spending is spilling over into other sectors
Deputy Governor Volodymyr Lepushynskyi said the sharp rise in defense spending increased the public sector and defense share in GDP and also gave a lift to related industries, including IT. For investors, that means demand is increasingly shaped by state orders, while the export potential of defense and adjacent sectors becomes a key medium-term story.
Recovery still depends on finance, people and infrastructure
The same review notes that agriculture is still constrained by the loss of nearly 20% of prewar sown area, damaged production and logistics infrastructure, and higher input costs. Transport is recovering more slowly than the broader economy because ports, roads and rail links remain exposed to attacks, while construction is still below prewar levels because private investment remains weak.
The central bank says it will keep prioritizing price stability through interest rates, currency intervention and managed exchange-rate flexibility. Its goal is to return inflation to a sustainable path toward 5%, while still allowing credit to keep growing and supporting business activity.
