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Three quarters of TOP managers in Ukraine assess the state of their business as satisfactory or good

In particular, 45% of surveyed top managers assess the state of affairs in their business as satisfactory, and 27% – as positive. At the same time, another 27% assess the current situation in the business rather negatively. These are the results of a new wave of the “Business during the war” survey conducted by the European Business Association in partnership with UKRSIBBANK BNP Paribas Group.



The number of ЕВА member companies operating in full capacity has decreased compared to the beginning of the year – from 78% to the current 64%. Accordingly, the number of restrictions applied by companies has increased. Currently, 36% of surveyed businesses are operating with restrictions, the most common of which are a shortage of qualified employees/mobilization (75%), limited geography of operations (60%) and suspension of work during air alarms (46%).


At the same time, forecasts for business dynamics over the next six months are more pessimistic. Thus, 56% of respondents predict that the state of affairs in their business will deteriorate, 27% do not expect any changes, and 16% believe that the state of affairs will improve. Despite this, 47% of top managers plan to expand their business, including increasing the customer base and production, entering international markets, etc.


Since the beginning of the full-scale invasion, 48% of businesses have experienced a decrease in revenue, while 47% have seen an increase. For 6% of respondents, the volume of business has not changed. Among the respondents, 48% export goods or services abroad. The factors of the greatest negative impact on business, according to entrepreneurs, are mobilization (71%), attacks on the Ukrainian energy system (61%), war, occupation of territories (58%), shortage of qualified employees (58%).


Businesses maintain financial stability, although they have slightly worsened their assessment of financial reserves compared to the beginning of 2024. More than half, namely 53% of companies, have reserves for a year or more (in the previous wave – 65%), 32% – for half a year, 15% – for several months, and 1% has no reserves at all.


Losses from the war continue to grow for businesses. As of mid-2024, for 26% of surveyed companies, they amount to up to $1 million. At the same time, 31% report losses in the range of $1-10 million, and 17% – losses of more than $10 million. Only 14% of the surveyed EBA companies have not incurred any losses.


Businesses maintain consistently high support for the armed forces: 63% support their own employees in the ranks of the Armed Forces, 49% provide financial assistance, and 45% – with products. 27% of surveyed businesses are involved in the restoration of their community or region.


Today, 86% of the surveyed member companies of the ЕВА have employees in the ranks of the Armed Forces. In half of the companies, namely 52%, the number of mobilized employees reaches up to 10% of the total number of military personnel. In 28%, the number of mobilized employees reaches 10-20%, and in 6% – 20-40%. These data correspond to the situation with mobilization among the EBA’s companies six months ago. About half, or 46% of companies report that among the mobilized or volunteers there are specialists critical to the operation of the enterprise,including managers, engineers, IT specialists, drivers, electricians, mechanics, production line operators.

Among the surveyed companies, only 9% relocated their office or production due to russian aggression, in particular, 7% – within Ukraine and 2% – abroad. Only 11% of companies have used state or international support programs over the past 2.5 years.


Most companies, namely 73%, plan to attract financing for business development. Most companies will use their own funds (60%), in addition, 19% plan to attract bank lending, 15% – investments, and 5% – grants. 25% of surveyed enterprises are ready to borrow from banks on market terms. Among the difficulties in obtaining loans, companies mention high interest rates, non-resident beneficiaries, inappropriate terms, and slow decision-making.


Businesses currently need the most help in improving the conditions for employee booking and covering military risks. Among other needs are a moratorium on inspections and easing foreign exchange restrictions, assistance in communicating with government agencies.


Anna Derevyanko, EBA Executive Director and GB4U Co-Founder: Some deterioration of entrepreneurs′ sentiment reflects the objectively difficult conditions in which they have to work today. At the same time, as the survey results show, businesses do not rely too much on direct government support, but rather need regulatory relief, easing of administrative pressure, and more transparent and regular communication with the government. Currently, the issue of labor shortages and mobilization is a top priority for businesses, so the introduction of economic booking could significantly help companies plan their work, which is very important. At the same time, we see the government′s efforts towards European integration, where businesses are also ready to be a partner. We hope that it is our movement towards the EU and the defense of common democratic values and freedom that can be a good engine for positive changes in Ukraine and serve as a guide for businesses that continue to work in Ukraine despite all the challenges.


Andrii Kashperuk, Deputy Head of the Board for Retail Business, UKRSIBBANK BNP Paribas Group: “Despite the full-scale war, the survey results show that almost half of top managers plan to expand their business and enter international markets. This indicates their optimism and readiness for development. We supported the survey in order to hear and understand what Ukrainian businesses need now. Thanks to our expertise and individual approach, we will be able to help Ukrainian entrepreneurs reach a new level and international markets, providing them with the necessary financial instruments and support. UKRSIBBANK remains a reliable financial partner, offering favorable conditions for development and scaling, both for small and medium-sized businesses, as well as for corporate clients”.


For reference:

The survey was conducted from June 7 to 25, 2024. 95 top managers of member companies of the European Business Association (legal entities) participated. The research partner is UKRSIBBANK BNP Paribas Group.

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