Construction shows the strongest mood
Ukrainian construction companies led the latest ranking of positive business expectations, according to the National Bank’s quarterly survey for the second quarter of 2026. The overall business expectations index rose to one hundred seven percent from one hundred five point eight percent in the previous quarter, signaling that companies see more room for recovery and activity even under wartime pressure.
The construction sector stood out most clearly in expectations for financial and economic condition, as well as in plans to expand activity. The result matters because construction is linked to materials, transport, engineering services, equipment purchases and local employment. When builders become more confident, the signal spreads far beyond one sector.
Constraints remain heavy
The optimism is not blind. Companies still name the consequences of war as the main obstacle to normal work. A shortage of qualified staff and high prices for raw materials and materials also remain serious constraints. Businesses expect annual inflation at eleven point six percent, while exchange-rate expectations remain cautious.
The survey covered six hundred sixty-five enterprises across twenty-one regions between late April and late May. Its investment component is especially important: companies expect more spending on machinery, equipment and inventory. For investors, this suggests that Ukraine’s recovery demand is not only a political slogan, but a practical pipeline of construction, supply and modernization needs.
