Only 35% of Ukrainian companies are planning to invest in 2025, compared to 45% who did so in 2024, according to a new survey by the Institute for Economic Research and Policy Consulting (IER).
Despite the decline, the study shows that business sentiment is significantly more optimistic than in previous years of crisis. In 2015, 86% of respondents believed it was a bad time to invest, and in 2011, 72% shared that view. Now, only 57% consider current conditions unfavorable for new investments.
“This means that even during wartime, Ukrainian businesses have adapted to the point where they are ready to invest and buy equipment — because life goes on,” said IER Executive Director Oksana Kuziakiv.
In 2024, most investments were directed toward replacing outdated equipment, performing routine facility repairs, and expanding product lines.
The top obstacles to investment cited by businesses include:
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Economic uncertainty (40%)
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Insufficient profits (36%)
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Risks to staff or company property (35%)
The survey included responses from approximately 500 enterprises across 21 regions of Ukraine.
